Merrimack Pharmaceuticals Inc. (MACK) Sets New 52-Week Low at $4.49
Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) reached a new 52-week low during trading on Wednesday . The company traded as low as $4.49 and last traded at $4.61, with a volume of 863,444 shares trading hands. The stock had previously closed at $4.68.
A number of equities research analysts have recently commented on MACK shares. Zacks Investment Research raised shares of Merrimack Pharmaceuticals from a “hold” rating to a “buy” rating and set a $7.25 price objective on the stock in a research note on Monday, May 9th. Mizuho reaffirmed a “buy” rating and issued a $13.00 price objective on shares of Merrimack Pharmaceuticals in a research note on Friday, May 20th. Brean Capital reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Merrimack Pharmaceuticals in a research note on Friday, May 20th. Robert W. Baird started coverage on shares of Merrimack Pharmaceuticals in a research note on Thursday, May 26th. They issued a “neutral” rating and a $8.00 price objective on the stock. Finally, 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. Merrimack Pharmaceuticals has an average rating of “Hold” and a consensus target price of $10.54.
The firm’s market cap is $593.21 million. The firm has a 50-day moving average of $5.25 and a 200-day moving average of $6.43.
Merrimack Pharmaceuticals (NASDAQ:MACK) last released its quarterly earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.33) by $0.07. The company had revenue of $33.70 million for the quarter, compared to analyst estimates of $33.35 million. During the same quarter in the prior year, the business posted ($0.33) EPS. The firm’s quarterly revenue was up 58.3% compared to the same quarter last year. Analysts forecast that Merrimack Pharmaceuticals Inc. will post ($1.02) EPS for the current year.
In other news, insider Birgit M. Schoeberl sold 50,000 shares of the business’s 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 sale, the insider now owns 115,657 shares in the company, valued at approximately $636,113.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
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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