Merrimack Pharmaceuticals Inc. (MACK) Trading Up 9%
Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) shares shot up 9% during trading on Wednesday . The company traded as high as $5.10 and last traded at $5.08, with a volume of 4,085,892 shares trading hands. The stock had previously closed at $4.66.
A number of brokerages have recently commented on MACK. Robert W. Baird began coverage on shares of Merrimack Pharmaceuticals in a research report on Thursday, May 26th. They set a “neutral” rating and a $8.00 price objective for the company. 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 price objective on shares of Merrimack Pharmaceuticals and gave the company a “buy” rating in a research report on Friday, August 5th. JPMorgan Chase & Co. cut their price objective 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, Zacks Investment Research lowered shares of Merrimack Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $10.54.
The firm’s 50 day moving average price is $4.93 and its 200-day moving average price is $6.32. The firm’s market cap is $656.54 million.
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Merrimack Pharmaceuticals (NASDAQ:MACK) last announced its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by $0.07. The firm had revenue of $33.70 million for the quarter, compared to the consensus estimate of $33.35 million. During the same period in the previous year, the business posted ($0.33) earnings per share. Merrimack Pharmaceuticals’s revenue for the quarter was up 58.3% on a year-over-year basis. Equities analysts expect that Merrimack Pharmaceuticals Inc. will post ($1.03) EPS for the current year.
In other news, insider Birgit M. Schoeberl sold 50,000 shares of Merrimack Pharmaceuticals stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $5.50, for a total value of $275,000.00. Following the completion of the transaction, the insider now owns 115,657 shares of the company’s stock, valued at approximately $636,113.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 11.49% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Commonwealth Equity Services Inc increased its position in shares of Merrimack Pharmaceuticals by 1.9% in the first quarter. Commonwealth Equity Services Inc now owns 35,881 shares of the biopharmaceutical company’s stock worth $300,000 after buying an additional 665 shares during the period. TIAA CREF Investment Management LLC boosted its stake in Merrimack Pharmaceuticals by 7.4% in the first quarter. TIAA CREF Investment Management LLC now owns 5,465,496 shares of the biopharmaceutical company’s stock worth $45,746,000 after buying an additional 377,007 shares in the last quarter. BlackRock Fund Advisors boosted its stake in Merrimack Pharmaceuticals by 0.4% in the first quarter. BlackRock Fund Advisors now owns 5,283,448 shares of the biopharmaceutical company’s stock worth $44,222,000 after buying an additional 21,746 shares in the last quarter. Cannell Peter B & Co Inc boosted its stake in Merrimack Pharmaceuticals by 12.0% in the first quarter. Cannell Peter B & Co Inc now owns 1,176,978 shares of the biopharmaceutical company’s stock worth $9,851,000 after buying an additional 125,800 shares in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its stake in Merrimack Pharmaceuticals by 3.5% in the first quarter. UBS Asset Management Americas Inc. now owns 1,308,762 shares of the biopharmaceutical company’s stock worth $10,954,000 after buying an additional 43,963 shares in the last quarter. 66.37% of the stock is owned by institutional investors.
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. Its therapeutic oncology candidates in clinical development include MM-398, MM-302, MM-121, MM-141 and MM-151.
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