Merrimack Pharmaceuticals Inc. (MACK) Shares Down 3.2%
Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) shares traded down 3.2% on Tuesday . The stock traded as low as $5.10 and last traded at $5.10, with a volume of 1,163,066 shares traded. The stock had previously closed at $5.27.
Several research analysts have recently weighed in on the company. Brean Capital reaffirmed a “buy” rating on shares of Merrimack Pharmaceuticals in a research note on Tuesday, May 3rd. Cowen and Company reiterated a “buy” rating on shares of Merrimack Pharmaceuticals in a research report on Tuesday, May 3rd. JPMorgan Chase & Co. dropped their price target on Merrimack Pharmaceuticals from $9.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday, August 5th. Robert W. Baird started coverage on Merrimack Pharmaceuticals in a research report on Thursday, May 26th. They set a “neutral” rating and a $8.00 price target for the company. Finally, Mizuho reiterated a “buy” rating and set a $13.00 price target on shares of Merrimack Pharmaceuticals in a research report on Friday, May 20th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $10.54.
The stock’s market cap is $659.12 million. The stock has a 50-day moving average of $5.48 and a 200-day moving average of $6.52.
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 Zacks’ 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 business posted ($0.33) earnings per share. The firm’s revenue was up 58.3% on a year-over-year basis. On average, equities research analysts forecast that Merrimack Pharmaceuticals Inc. will post ($0.98) earnings per share for the current year.
In other Merrimack Pharmaceuticals news, insider Birgit M. Schoeberl sold 50,000 shares of the business’s stock in a transaction dated 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 document filed with the SEC, which is available through this hyperlink.
A hedge fund recently raised its stake in Merrimack Pharmaceuticals stock. Westfield Capital Management Co. LP increased its position in Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) by 11.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund 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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