Merrimack Pharmaceuticals Inc. (NASDAQ:MACK)’s share price traded down 3.4% on Wednesday . The company traded as low as $5.08 and last traded at $5.09, with a volume of 953,006 shares traded. The stock had previously closed at $5.27.

A number of equities analysts recently weighed in on the stock. BTIG Research assumed coverage on shares of Merrimack Pharmaceuticals in a research report on Friday, August 19th. They set a “neutral” rating for the company. Robert W. Baird restated a “neutral” rating and set a $7.00 target price (down previously from $8.00) on shares of Merrimack Pharmaceuticals in a research report on Wednesday, August 10th. Zacks Investment Research lowered shares of Merrimack Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday, August 9th. JPMorgan Chase & Co. dropped their target price on shares of Merrimack Pharmaceuticals from $9.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday, August 5th. Finally, Brean Capital set a $13.00 target price on shares of Merrimack Pharmaceuticals and gave the stock a “buy” rating in a research report on Friday, August 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. Merrimack Pharmaceuticals has an average rating of “Hold” and an average target price of $10.54.

The firm’s market capitalization is $604.84 million. The company’s 50-day moving average is $5.37 and its 200-day moving average is $6.45.

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

In other news, insider Birgit M. Schoeberl sold 50,000 shares of Merrimack Pharmaceuticals stock in a transaction that occurred 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 transaction, the insider now directly owns 115,657 shares of the company’s stock, valued at approximately $636,113.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

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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