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Merrimack Pharmaceuticals (NASDAQ:MACK) Director Michael E. Porter bought 15,000 shares of the stock on the open market in a transaction dated Friday, May 16th. The stock was purchased at an average cost of $6.49 per share, for a total transaction of $97,350.00. Following the acquisition, the director now directly owns 535,865 shares of the company’s stock, valued at approximately $3,477,764. The transaction was disclosed in a filing with the SEC, which is available at this link.

MACK has been the subject of a number of recent research reports. Analysts at Mizuho raised their price target on shares of Merrimack Pharmaceuticals from $12.00 to $13.00 in a research note on Friday, May 2nd. Separately, analysts at Cowen and Company upgraded shares of Merrimack Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research note on Thursday, May 1st. Finally, analysts at JPMorgan Chase & Co. raised their price target on shares of Merrimack Pharmaceuticals from $9.00 to $15.00 in a research note on Thursday, May 1st. One investment analyst has rated the stock with a hold rating and two have assigned a buy rating to the company. Merrimack Pharmaceuticals has an average rating of “Buy” and a consensus target price of $12.00.

Merrimack Pharmaceuticals (NASDAQ:MACK) traded up 2.69% on Friday, hitting $6.87. The stock had a trading volume of 1,532,960 shares. Merrimack Pharmaceuticals has a 1-year low of $2.05 and a 1-year high of $7.65. The stock has a 50-day moving average of $5.43 and a 200-day moving average of $4.88. The company’s market cap is $710.4 million.

Merrimack Pharmaceuticals (NASDAQ:MACK) last released its earnings data on Thursday, May 1st. The company reported ($0.27) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.30) by $0.03. The company had revenue of $13.03 million for the quarter, compared to the consensus estimate of $11.93 million. Analysts expect that Merrimack Pharmaceuticals will post $-1.16 EPS for the current fiscal year.

Merrimack Pharmaceuticals, Inc is a biopharmaceutical company discovering, developing and preparing to commercialize medicines paired with companion diagnostics for the treatment of serious diseases, with an initial focus on cancer.

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