Merrimack Pharmaceuticals Inc (NASDAQ:MACK) Releases Quarterly Earnings Results, Misses Estimates By $0.08 EPS
Merrimack Pharmaceuticals Inc (NASDAQ:MACK) posted its quarterly earnings results on Wednesday. The biopharmaceutical company reported ($0.22) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by $0.08, Morningstar.com reports. During the same period in the previous year, the firm posted ($0.40) earnings per share.
Merrimack Pharmaceuticals (MACK) traded down 3.08% during mid-day trading on Wednesday, reaching $1.26. The company had a trading volume of 776,225 shares. The stock’s 50-day moving average price is $1.32 and its 200 day moving average price is $2.57. The firm’s market capitalization is $166.86 million. Merrimack Pharmaceuticals has a 52 week low of $1.13 and a 52 week high of $6.79.
Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Merrimack Pharmaceuticals by 11.6% in the first quarter. Vanguard Group Inc. now owns 10,265,752 shares of the biopharmaceutical company’s stock worth $31,618,000 after buying an additional 1,070,816 shares in the last quarter. Yakira Capital Management Inc. bought a new position in Merrimack Pharmaceuticals during the first quarter worth $765,000. Cornerstone Capital Management Holdings LLC. bought a new position in Merrimack Pharmaceuticals during the first quarter worth $357,000. American International Group Inc. raised its position in Merrimack Pharmaceuticals by 7.1% in the first quarter. American International Group Inc. now owns 75,158 shares of the biopharmaceutical company’s stock worth $231,000 after buying an additional 4,975 shares during the last quarter. Finally, Airain ltd bought a new position in Merrimack Pharmaceuticals during the first quarter worth $281,000. 59.16% of the stock is owned by institutional investors.
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Several research analysts have recently weighed in on the company. Zacks Investment Research upgraded Merrimack Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, July 17th. Cowen and Company restated a “market perform” rating on shares of Merrimack Pharmaceuticals in a research note on Friday, May 19th. Finally, ValuEngine cut Merrimack Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $7.09.
About Merrimack Pharmaceuticals
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. The Company has one marketed therapeutic oncology product and multiple targeted therapeutic oncology candidates in clinical development.
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