Merrimack Pharmaceuticals Inc. (MACK) Cut to Neutral at JPMorgan Chase & Co.
JPMorgan Chase & Co. downgraded shares of Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) from an overweight rating to a neutral rating in a report issued on Friday morning. JPMorgan Chase & Co. currently has $5.75 target price on the biopharmaceutical company’s stock.
“Our view that 2016 consensus estimates, while achievable, are perhaps not meaningfully beatable (and 2017 needs to moderate incrementally, in our view).””Key pipeline catalysts, while underappreciated, are weighted 2Q17+.””Our expectation that R&D prioritization and search for a new CEO could take time (currently no timelines outlined).””A continued financing overhang (~12 months of cash).,” JPMorgan Chase & Co.’s analyst wrote.
Several other research analysts have also commented on the company. Brean Capital set a $13.00 price objective on Merrimack Pharmaceuticals and gave the stock a buy rating in a report on Friday, August 5th. Zacks Investment Research lowered Merrimack Pharmaceuticals from a strong-buy rating to a hold rating in a report on Tuesday, July 19th. BTIG Research reaffirmed a neutral rating on shares of Merrimack Pharmaceuticals in a research note on Sunday, September 25th. Cowen and Company lowered Merrimack Pharmaceuticals from an outperform rating to a market perform rating in a research note on Friday, August 5th. Finally, Robert W. Baird reaffirmed a neutral rating and issued a $7.00 target price (down previously from $8.00) on shares of Merrimack Pharmaceuticals in a research note on Wednesday, August 10th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $10.17.
Merrimack Pharmaceuticals (NASDAQ:MACK) opened at 5.41 on Friday. The company’s market cap is $699.19 million. Merrimack Pharmaceuticals has a 12-month low of $4.39 and a 12-month high of $10.85. The firm’s 50-day moving average is $5.23 and its 200 day moving average is $6.14.
Merrimack Pharmaceuticals (NASDAQ:MACK) last issued 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 earned $33.70 million during the quarter, compared to the consensus estimate of $33.35 million. During the same period last year, the firm earned ($0.33) earnings per share. The company’s quarterly revenue was up 58.3% compared to the same quarter last year. On average, equities analysts expect that Merrimack Pharmaceuticals 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 stock in a transaction that occurred on Monday, July 25th. The stock was 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 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 accessible through the SEC website. Insiders own 11.49% of the company’s stock.
Several institutional investors have recently made changes to their positions in MACK. Principal Financial Group Inc. increased its position in shares of Merrimack Pharmaceuticals by 5.0% in the second quarter. Principal Financial Group Inc. now owns 21,259 shares of the biopharmaceutical company’s stock worth $115,000 after buying an additional 1,010 shares in the last quarter. Parametric Portfolio Associates LLC increased its position in shares of Merrimack Pharmaceuticals by 7.5% in the second quarter. Parametric Portfolio Associates LLC now owns 24,488 shares of the biopharmaceutical company’s stock worth $132,000 after buying an additional 1,712 shares in the last quarter. Cubist Systematic Strategies LLC increased its position in shares of Merrimack Pharmaceuticals by 147.9% in the second quarter. Cubist Systematic Strategies LLC now owns 25,128 shares of the biopharmaceutical company’s stock worth $135,000 after buying an additional 14,990 shares in the last quarter. BlackRock Inc. increased its position in shares of Merrimack Pharmaceuticals by 254.1% in the second quarter. BlackRock Inc. now owns 27,874 shares of the biopharmaceutical company’s stock worth $151,000 after buying an additional 20,002 shares in the last quarter. Finally, Commonwealth Equity Services Inc increased its position in shares of Merrimack Pharmaceuticals by 1.9% in the first quarter. Commonwealth Equity Services Inc now owns 35,881 shares of the biopharmaceutical company’s stock worth $300,000 after buying an additional 665 shares in the last quarter. Institutional investors own 66.37% of the company’s stock.
Merrimack Pharmaceuticals Company Profile
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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