Merrimack Pharmaceuticals Inc. (MACK) Upgraded by Zacks Investment Research to “Buy”
Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $5.50 price objective on the biopharmaceutical company’s stock. Zacks Investment Research’s price objective suggests a potential upside of 11.56% from the company’s previous close.
According to Zacks, “Merrimack achieved a major boost with the FDA approval of Onivyde. Initial uptake of the drug has been encouraging and should boost the top line, going forward. Inclusion of the drug in the National Comprehensive Cancer Network (NCCN) pathway should also drive the drug’s sales. We are also positive on the company’s efforts to expand Onivyde’s label. Moreover, Merrimack’s collaboration with Shire for Onivyde is both financially and strategically beneficial. However, we are concerned by the company's sole dependence on Onivyde for growth. Also, Merrimack undertook a restructuring move to prioritize its R&D expenses on a focused set of oncology products and to strengthen its cash runway, which led to a 22% reduction in the headcount. Estimates have been mixed lately ahead of the company’s Q3 earnings release. The company has a mixed record of earnings surprises in the recent quarters.”
Other analysts have also issued research reports about the company. 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. Cowen and Company lowered Merrimack Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research note on Friday, August 5th. JPMorgan Chase & Co. lowered Merrimack Pharmaceuticals from an “overweight” rating to a “neutral” rating and set a $5.75 price objective for the company. in a research note on Friday, October 7th. BTIG Research reaffirmed a “neutral” rating on shares of Merrimack Pharmaceuticals in a research note on Wednesday, October 5th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $7.00 price target (down previously from $8.00) on shares of Merrimack Pharmaceuticals in a research note on Wednesday, August 10th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $9.88.
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Merrimack Pharmaceuticals (NASDAQ:MACK) traded down 1.521% during mid-day trading on Wednesday, hitting $4.855. 1,976,705 shares of the stock traded hands. The firm’s market cap is $627.46 million. Merrimack Pharmaceuticals has a 52-week low of $4.39 and a 52-week high of $10.85. The firm’s 50-day moving average is $5.24 and its 200 day moving average is $6.03.
Merrimack Pharmaceuticals (NASDAQ:MACK) last released its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by $0.07. The firm earned $33.70 million during the quarter, compared to analysts’ expectations of $33.35 million. The business’s revenue for the quarter was up 58.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.33) earnings per share. Equities analysts predict that Merrimack Pharmaceuticals will post ($1.02) EPS for the current fiscal year.
In other Merrimack Pharmaceuticals news, insider Birgit M. Schoeberl sold 50,000 shares of the firm’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $5.50, for a total transaction of $275,000.00. Following the completion of the transaction, the insider now owns 115,657 shares of the company’s stock, valued at $636,113.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 11.49% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. raised 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. Parametric Portfolio Associates LLC raised 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. Cubist Systematic Strategies LLC raised its position in shares of 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. raised its position in shares of 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, Creative Planning raised its position in shares of Merrimack Pharmaceuticals by 196.9% in the third quarter. Creative Planning now owns 25,408 shares of the biopharmaceutical company’s stock valued at $161,000 after buying an additional 16,850 shares in the last quarter. 66.43% of the stock is owned by institutional investors and hedge funds.
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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