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Stock analysts at Brean Capital started coverage on shares of Merrimack Pharmaceuticals (NASDAQ:MACK) in a report issued on Tuesday. The firm set a “buy” rating and a $16.00 price target on the stock. Brean Capital’s price target points to a potential upside of 119.48% from the company’s current price.

Shares of Merrimack Pharmaceuticals (NASDAQ:MACK) traded down 2.80% during mid-day trading on Tuesday, hitting $7.086. The stock had a trading volume of 590,891 shares. Merrimack Pharmaceuticals has a 1-year low of $2.05 and a 1-year high of $8.25. The stock has a 50-day moving average of $7.4 and a 200-day moving average of $5.95. The company’s market cap is $732.7 million.

Merrimack Pharmaceuticals (NASDAQ:MACK) last announced its earnings results on Thursday, May 1st. The company reported ($0.27) earnings per share (EPS) for the quarter, beating the 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.

Other equities research analysts have also recently issued reports about the stock. Analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Merrimack Pharmaceuticals in a research note on Friday, June 20th. They now have a $14.00 price target on the stock, down previously from $15.00. Separately, analysts at Oppenheimer cut their price target on shares of Merrimack Pharmaceuticals from $10.00 to $8.50 in a research note on Friday, June 20th. They now have an “outperform” rating on the stock. Finally, 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. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $11.50.

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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