Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Merrimack achieved a major boost with the FDA approval of Onivyde. Initial uptake of the drug has been encouraging and should boost the top line, going forward. Inclusion of the drug in the National Comprehensive Cancer Network (NCCN) pathway should boost the drug’s sales further. We are also positive on the company’s efforts to expand Onivyde’s label. Moreover, Merrimack’s collaboration with Shire for Onivyde is both financially and strategically beneficial. However, we are concerned by the company's sole dependence on Onivyde for growth. Also, Merrimack undertook a restructuring move to prioritize its R&D on a focused set of oncology products and strengthening its cash runway which led the company to reduce its headcount by 22%.”
A number of other brokerages have also issued reports on MACK. BTIG Research reiterated a “neutral” rating on shares of Merrimack Pharmaceuticals in a research report on Sunday, September 25th. Cowen and Company lowered shares of Merrimack Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research report on Friday, August 5th. Brean Capital set a $13.00 target price on shares of Merrimack Pharmaceuticals and gave the company a “buy” rating in a research report on Friday, August 5th. JPMorgan Chase & Co. decreased 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, Robert W. Baird reiterated a “neutral” rating and issued a $7.00 target price (down previously from $8.00) on shares of Merrimack Pharmaceuticals in a research report on Wednesday, August 10th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Merrimack Pharmaceuticals currently has an average rating of “Buy” and a consensus price target of $10.54.
Shares of Merrimack Pharmaceuticals (NASDAQ:MACK) opened at 5.98 on Wednesday. The firm’s 50-day moving average is $5.19 and its 200-day moving average is $6.22. The firm’s market capitalization is $772.86 million. Merrimack Pharmaceuticals has a 12-month low of $4.39 and a 12-month high of $10.85.
Merrimack Pharmaceuticals (NASDAQ:MACK) last released its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($0.40) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.33) by $0.07. The company had revenue of $33.70 million for the quarter, compared to analyst estimates of $33.35 million. During the same quarter in the previous year, the business posted ($0.33) earnings per share. The firm’s revenue for the quarter was up 58.3% on a year-over-year basis. Equities research analysts forecast that Merrimack Pharmaceuticals will post ($1.02) EPS for the current fiscal year.
In other news, insider Birgit M. Schoeberl sold 50,000 shares of the firm’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 completion of the transaction, the insider now owns 115,657 shares in the company, valued at approximately $636,113.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 11.49% of the company’s stock.
A number of hedge funds have recently bought and sold shares of MACK. Swiss National Bank raised its stake in Merrimack Pharmaceuticals by 5.5% in the second quarter. Swiss National Bank now owns 185,600 shares of the biopharmaceutical company’s stock worth $1,000,000 after buying an additional 9,600 shares in the last quarter. California State Teachers Retirement System raised its stake in Merrimack Pharmaceuticals by 4.5% in the second quarter. California State Teachers Retirement System now owns 255,914 shares of the biopharmaceutical company’s stock worth $1,379,000 after buying an additional 11,084 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Merrimack Pharmaceuticals by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 678,029 shares of the biopharmaceutical company’s stock worth $3,654,000 after buying an additional 17,867 shares in the last quarter. Chicago Equity Partners LLC raised its stake in Merrimack Pharmaceuticals by 2.5% in the second quarter. Chicago Equity Partners LLC now owns 48,180 shares of the biopharmaceutical company’s stock worth $260,000 after buying an additional 1,160 shares in the last quarter. Finally, Boston Advisors LLC purchased a new stake in Merrimack Pharmaceuticals during the second quarter worth approximately $311,000. 66.37% of the stock is owned by institutional investors.
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. Its therapeutic oncology candidates in clinical development include MM-398, MM-302, MM-121, MM-141 and MM-151.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Merrimack Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Merrimack Pharmaceuticals Inc. and related companies with MarketBeat.com's FREE daily email newsletter.