Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) has been assigned an average rating of “Hold” from the seven analysts that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $7.62.

Several equities research analysts have issued reports on MACK shares. Zacks Investment Research upgraded shares of Merrimack Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, July 17th. Cowen and Company reiterated a “market perform” rating on shares of Merrimack Pharmaceuticals in a research note on Friday, May 19th. Finally, ValuEngine downgraded shares of Merrimack Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Friday, June 2nd.

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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers increased its position in shares of Merrimack Pharmaceuticals by 3.2% in the second quarter. Rhumbline Advisers now owns 145,089 shares of the biopharmaceutical company’s stock valued at $180,000 after buying an additional 4,510 shares during the period. American International Group Inc. increased its position in shares of Merrimack Pharmaceuticals by 7.1% in the first quarter. American International Group Inc. now owns 75,158 shares of the biopharmaceutical company’s stock valued at $231,000 after buying an additional 4,975 shares during the period. Metropolitan Life Insurance Co. NY increased its position in shares of Merrimack Pharmaceuticals by 6.5% in the first quarter. Metropolitan Life Insurance Co. NY now owns 93,074 shares of the biopharmaceutical company’s stock valued at $287,000 after buying an additional 5,688 shares during the period. Garrison Bradford & Associates Inc. increased its position in shares of Merrimack Pharmaceuticals by 12.9% in the first quarter. Garrison Bradford & Associates Inc. now owns 87,700 shares of the biopharmaceutical company’s stock valued at $270,000 after buying an additional 10,000 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Merrimack Pharmaceuticals by 1.9% in the first quarter. Bank of New York Mellon Corp now owns 728,210 shares of the biopharmaceutical company’s stock valued at $2,243,000 after buying an additional 13,664 shares during the period. Institutional investors and hedge funds own 59.16% of the company’s stock.

Shares of Merrimack Pharmaceuticals (NASDAQ MACK) traded down 0.79% during trading on Friday, reaching $1.26. 1,035,137 shares of the company’s stock traded hands. The stock has a 50-day moving average of $1.32 and a 200-day moving average of $2.51. Merrimack Pharmaceuticals has a 1-year low of $1.13 and a 1-year high of $6.79. The company has a market capitalization of $167.32 million, a price-to-earnings ratio of 0.39 and a beta of 2.02.

Merrimack Pharmaceuticals (NASDAQ:MACK) last released its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by $0.08. During the same period in the prior year, the firm posted ($0.40) EPS. On average, equities analysts predict that Merrimack Pharmaceuticals will post $0.76 EPS for the current fiscal year.

Merrimack Pharmaceuticals Company Profile

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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