Merrimack Pharmaceuticals Inc (MACK) Trading Down 3.4%
Merrimack Pharmaceuticals Inc (NASDAQ:MACK)’s share price dropped 3.4% during mid-day trading on Wednesday . The stock traded as low as $5.08 and last traded at $5.09, with a volume of 953,006 shares trading hands. The stock had previously closed at $5.27.
MACK has been the topic of several analyst reports. Cowen and Company reaffirmed a “buy” rating on shares of Merrimack Pharmaceuticals in a research report on Tuesday, May 3rd. Brean Capital reaffirmed a “buy” rating on shares of Merrimack Pharmaceuticals in a research report on Tuesday, May 3rd. Zacks Investment Research raised Merrimack Pharmaceuticals from a “hold” rating to a “buy” rating and set a $7.25 price objective on the stock in a research report on Monday, May 9th. Mizuho reaffirmed a “buy” rating and issued a $13.00 price objective on shares of Merrimack Pharmaceuticals in a research report on Friday, May 20th. Finally, Robert W. Baird initiated coverage on Merrimack Pharmaceuticals in a research report on Thursday, May 26th. They issued a “neutral” rating and a $8.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $10.54.
The firm’s 50 day moving average price is $5.40 and its 200 day moving average price is $6.47. The company’s market capitalization is $629.40 million.
Merrimack Pharmaceuticals (NASDAQ:MACK) last posted its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($0.40) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by $0.07. The firm had revenue of $33.70 million for the quarter, compared to analyst estimates of $33.35 million. During the same period in the prior year, the firm earned ($0.33) EPS. The company’s revenue for the quarter was up 58.3% on a year-over-year basis. Equities research analysts predict that Merrimack Pharmaceuticals Inc will post ($0.98) earnings per share for the current year.
In other news, insider Birgit M. Schoeberl sold 50,000 shares of Merrimack Pharmaceuticals stock in a transaction on Monday, July 25th. The shares were sold at an average price of $5.50, for a total transaction of $275,000.00. Following the completion of the sale, the insider now directly owns 115,657 shares in the company, valued at $636,113.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
A hedge fund recently raised its stake in Merrimack Pharmaceuticals stock. Westfield Capital Management Co. LP increased its stake in Merrimack Pharmaceuticals Inc (NASDAQ:MACK) by 11.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,255,815 shares of the biopharmaceutical company’s stock after buying an additional 744,254 shares during the period. Westfield Capital Management Co. LP owned about 6.28% of Merrimack Pharmaceuticals worth $57,321,000 as of its most recent SEC filing.
Merrimack Pharmaceuticals, Inc is a biopharmaceutical company. The Company is engaged in discovering, developing and commercializing medicines consisting of therapeutics paired with companion diagnostics for the treatment of cancer. Its therapeutic oncology candidates in clinical development include MM-398, MM-302, MM-121, MM-141 and MM-151.
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