Merrimack Pharmaceuticals Inc. (MACK) Rating Lowered to Neutral at JPMorgan Chase & Co.
Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) was downgraded by analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Friday. They presently have a $5.75 price objective on the biopharmaceutical company’s stock. JPMorgan Chase & Co.’s price target indicates a potential upside of 4.93% from the stock’s current price.
Other equities analysts also recently issued research reports about the stock. Robert W. Baird reiterated a “neutral” rating and issued a $7.00 price target (down previously from $8.00) on shares of Merrimack Pharmaceuticals in a report on Wednesday, August 10th. Zacks Investment Research downgraded shares of Merrimack Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, August 9th. BTIG Research restated a “neutral” rating on shares of Merrimack Pharmaceuticals in a report on Friday, September 9th. Cowen and Company downgraded shares of Merrimack Pharmaceuticals from an “outperform” rating to a “market perform” rating in a report on Friday, August 5th. Finally, Brean Capital set a $13.00 target price on shares of Merrimack Pharmaceuticals and gave the company a “buy” rating in a report on Friday, August 5th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Merrimack Pharmaceuticals has an average rating of “Hold” and an average price target of $10.17.
Merrimack Pharmaceuticals (NASDAQ:MACK) opened at 5.48 on Friday. Merrimack Pharmaceuticals has a 12-month low of $4.39 and a 12-month high of $10.85. The firm’s market capitalization is $708.24 million. The firm has a 50-day moving average of $5.20 and a 200 day moving average of $6.20.
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Merrimack Pharmaceuticals (NASDAQ:MACK) last announced its quarterly earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.40) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.33) by $0.07. The firm had revenue of $33.70 million for the quarter, compared to analyst estimates of $33.35 million. The firm’s quarterly revenue was up 58.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.33) EPS. On average, equities analysts predict that Merrimack Pharmaceuticals will post ($1.02) 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 transaction of $275,000.00. Following the completion of the sale, the insider now directly owns 115,657 shares in the company, valued at $636,113.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 11.49% of the company’s stock.
Several large investors have recently modified their holdings of the company. Principal Financial Group Inc. boosted its stake in Merrimack Pharmaceuticals by 5.0% in the second quarter. Principal Financial Group Inc. now owns 21,259 shares of the biopharmaceutical company’s stock valued at $115,000 after buying an additional 1,010 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in Merrimack Pharmaceuticals by 7.5% in the second quarter. Parametric Portfolio Associates LLC now owns 24,488 shares of the biopharmaceutical company’s stock valued at $132,000 after buying an additional 1,712 shares in the last quarter. Cubist Systematic Strategies LLC boosted its stake in Merrimack Pharmaceuticals by 147.9% in the second quarter. Cubist Systematic Strategies LLC now owns 25,128 shares of the biopharmaceutical company’s stock valued at $135,000 after buying an additional 14,990 shares in the last quarter. BlackRock Inc. boosted its stake in Merrimack Pharmaceuticals by 254.1% in the second quarter. BlackRock Inc. now owns 27,874 shares of the biopharmaceutical company’s stock valued at $151,000 after buying an additional 20,002 shares in the last quarter. Finally, GAM Holding AG bought a new stake in Merrimack Pharmaceuticals during the second quarter valued at about $210,000. Institutional investors and hedge funds own 66.37% of the company’s stock.
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.
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