Merrimack Pharmaceuticals Inc. (MACK) Sets New 12-Month Low at $4.88
Merrimack Pharmaceuticals Inc. (NASDAQ:MACK)’s share price hit a new 52-week low during trading on Wednesday . The stock traded as low as $4.88 and last traded at $5.02, with a volume of 1,762,901 shares changing hands. The stock had previously closed at $5.10.
Several equities analysts have recently commented on the company. Cowen and Company reiterated a “buy” rating on shares of Merrimack Pharmaceuticals in a research report on Tuesday, May 3rd. Brean Capital reiterated a “buy” rating on shares of Merrimack Pharmaceuticals in a research report on Tuesday, May 3rd. Robert W. Baird reiterated a “neutral” rating and set a $7.00 price objective (down from $8.00) on shares of Merrimack Pharmaceuticals in a research report on Wednesday, August 10th. Mizuho reiterated a “buy” rating and set a $13.00 price objective on shares of Merrimack Pharmaceuticals in a research report on Friday, May 20th. Finally, Zacks Investment Research lowered Merrimack Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday, August 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $10.54.
The firm’s 50 day moving average is $5.44 and its 200 day moving average is $6.50. The company’s market capitalization is $647.49 million.
Merrimack Pharmaceuticals (NASDAQ:MACK) last released its earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.40) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by $0.07. The company earned $33.70 million during the quarter, compared to the consensus estimate of $33.35 million. The business’s quarterly revenue was up 58.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.33) EPS. On average, equities analysts predict that Merrimack Pharmaceuticals Inc. will post ($0.98) earnings per share for the current fiscal year.
In other 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 value of $275,000.00. Following the transaction, the insider now directly owns 115,657 shares in the company, valued at $636,113.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
A hedge fund recently raised its stake in Merrimack Pharmaceuticals stock. Westfield Capital Management Co. LP raised its stake in shares of Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) by 11.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm 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 at the end of the most recent reporting period.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.