Shares of Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) reached a new 52-week low on Wednesday . The company traded as low as $4.88 and last traded at $5.02, with a volume of 1,762,901 shares trading hands. The stock had previously closed at $5.10.

MACK has been the topic of a number of analyst reports. Zacks Investment Research upgraded Merrimack Pharmaceuticals from a “hold” rating to a “buy” rating and set a $7.25 price target on the stock in a research note on Monday, May 9th. Brean Capital set a $13.00 target price on Merrimack Pharmaceuticals and gave the stock a “buy” rating in a research report on Friday, August 5th. Robert W. Baird assumed coverage on Merrimack Pharmaceuticals in a research report on Thursday, May 26th. They set a “neutral” rating and a $8.00 target price on the stock. Cowen and Company downgraded Merrimack Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research report on Friday, August 5th. Finally, JPMorgan Chase & Co. decreased their target price on Merrimack Pharmaceuticals from $9.00 to $8.00 and set an “overweight” rating on the stock in a research report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $10.54.

The firm’s market capitalization is $637.80 million. The company has a 50 day moving average of $5.48 and a 200 day moving average of $6.52.

Merrimack Pharmaceuticals (NASDAQ:MACK) last announced its earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.33) by $0.07. During the same quarter in the prior year, the firm earned ($0.33) earnings per share. The firm earned $33.70 million during the quarter, compared to analyst estimates of $33.35 million. Merrimack Pharmaceuticals’s quarterly revenue was up 58.3% compared to the same quarter last year. Equities analysts expect that Merrimack Pharmaceuticals Inc. will post ($0.98) EPS for the current year.

In other Merrimack Pharmaceuticals news, insider Birgit M. Schoeberl sold 50,000 shares of the company’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 completion of the sale, the insider now owns 115,657 shares in the company, valued at approximately $636,113.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

A hedge fund recently raised its stake in Merrimack Pharmaceuticals stock. Westfield Capital Management Co. LP boosted its position in shares of Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) by 11.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. 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 approximately 6.28% of Merrimack Pharmaceuticals worth $57,321,000 as of its most recent filing with the SEC.

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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