Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) shares reached a new 52-week low during trading on Wednesday . The stock traded as low as $4.49 and last traded at $4.61, with a volume of 863,444 shares traded. The stock had previously closed at $4.68.

Several research firms recently commented on MACK. Zacks Investment Research lowered shares of Merrimack Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Tuesday, August 9th. Cowen and Company lowered shares of Merrimack Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research note on Friday, August 5th. Brean Capital set a $13.00 price objective on shares of Merrimack Pharmaceuticals and gave the stock a “buy” rating in a research note on Friday, August 5th. BTIG Research began coverage on shares of Merrimack Pharmaceuticals in a research note on Friday, August 19th. They set a “neutral” rating for the company. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Merrimack Pharmaceuticals from $9.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, August 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $10.54.

The stock’s 50-day moving average price is $5.30 and its 200 day moving average price is $6.45. The company’s market cap is $591.92 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 last year, the firm posted ($0.33) earnings per share. The business’s revenue for the quarter was up 58.3% on a year-over-year basis. Equities research analysts expect that Merrimack Pharmaceuticals Inc. will post ($1.02) earnings per share for the current fiscal year.

In other news, insider Birgit M. Schoeberl sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $5.50, for a total value of $275,000.00. Following the completion of the transaction, the insider now owns 115,657 shares of the company’s stock, valued at $636,113.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

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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