Merrimack Pharmaceuticals Inc. (MACK) Hits New 1-Year Low at $4.77
Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) hit a new 52-week low during trading on Thursday . The stock traded as low as $4.77 and last traded at $4.79, with a volume of 1,511,026 shares. The stock had previously closed at $4.87.
Several equities research analysts recently commented on the company. Zacks Investment Research cut Merrimack Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, August 9th. Cowen and Company cut Merrimack Pharmaceuticals from an “outperform” rating to a “market perform” rating in a report on Friday, August 5th. Brean Capital set a $13.00 target price on Merrimack Pharmaceuticals and gave the stock a “buy” rating in a report on Friday, August 5th. BTIG Research assumed coverage on Merrimack Pharmaceuticals in a report on Friday, August 19th. They set a “neutral” rating on the stock. Finally, JPMorgan Chase & Co. dropped their target price on Merrimack Pharmaceuticals from $9.00 to $8.00 and set an “overweight” rating on the stock in a 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 assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $10.54.
The stock’s market cap is $612.60 million. The firm has a 50-day moving average of $5.35 and a 200-day moving average of $6.45.
Merrimack Pharmaceuticals (NASDAQ:MACK) last issued its quarterly earnings data 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 business had revenue of $33.70 million for the quarter, compared to analysts’ expectations of $33.35 million. The company’s revenue was up 58.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.33) earnings per share. On average, equities analysts anticipate 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 company’s stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $5.50, for a total transaction of $275,000.00. Following the sale, the insider now directly owns 115,657 shares of the company’s stock, valued at $636,113.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
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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