Merrimack Pharmaceuticals Inc. (MACK) Receives Consensus Rating of “Hold” from Brokerages
Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) has earned a consensus rating of “Hold” from the eight brokerages that are currently covering the stock. Five analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $9.69.
Several brokerages have recently issued reports on MACK. Zacks Investment Research lowered Merrimack Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, August 9th. Cowen and Company downgraded Merrimack Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research note on Friday, August 5th. Brean Capital set a $13.00 price objective on Merrimack Pharmaceuticals and gave the company a “buy” rating in a research note on Friday, August 5th. BTIG Research reissued a “neutral” rating on shares of Merrimack Pharmaceuticals in a research note on Sunday, September 25th. Finally, JPMorgan Chase & Co. cut their price objective on Merrimack Pharmaceuticals from $9.00 to $8.00 and set an “overweight” rating on the stock in a research note on Friday, August 5th.
Shares of Merrimack Pharmaceuticals (NASDAQ:MACK) traded up 0.82% during trading on Tuesday, reaching $4.94. The company had a trading volume of 1,808,255 shares. Merrimack Pharmaceuticals has a 12 month low of $4.39 and a 12 month high of $10.85. The firm’s market capitalization is $638.45 million. The stock has a 50 day moving average price of $5.24 and a 200 day moving average price of $6.05.
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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 Thomson Reuters’ consensus estimate of ($0.33) by $0.07. The firm earned $33.70 million during the quarter, compared to analyst estimates of $33.35 million. Merrimack Pharmaceuticals’s revenue was up 58.3% compared to the same quarter last year. During the same period last year, the company posted ($0.33) EPS. On average, equities research analysts forecast that Merrimack Pharmaceuticals will post ($1.02) EPS for the current year.
In other Merrimack Pharmaceuticals news, insider Birgit M. Schoeberl sold 50,000 shares of Merrimack Pharmaceuticals stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $5.50, for a total value of $275,000.00. Following the transaction, the insider now directly owns 115,657 shares of the company’s stock, valued at approximately $636,113.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 11.49% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. 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 valued at $300,000 after buying an additional 665 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of 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. Chicago Equity Partners LLC increased its position in shares of Merrimack Pharmaceuticals by 2.5% in the second quarter. Chicago Equity Partners LLC now owns 48,180 shares of the biopharmaceutical company’s stock valued at $260,000 after buying an additional 1,160 shares in the last quarter. Guggenheim Capital LLC increased its position in shares of Merrimack Pharmaceuticals by 0.3% in the second quarter. Guggenheim Capital LLC now owns 421,079 shares of the biopharmaceutical company’s stock valued at $2,270,000 after buying an additional 1,371 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its position in shares of 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. 66.43% of the stock is currently 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.
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