Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday.

According to Zacks, “With the sale of Onivyde, Merrimack is back to being a development-stage biopharmaceutical company. Thus, the successful development of the three lead candidates in its pipeline is critical for Merrimack’s growth. Moreover, two of the candidates, MM-121 and MM-141, are still being evaluated in phase II studies. And the third candidate, MM-310 entered phase I study in the first quarter of 2017. Also, shares of the company have underperformed the Zacks categorized Medical Biomed/Genetics industry year to date. However, the cash received from Ipsen will be used to pay down the huge debt and return value to shareholders in the form of dividends. Estimates have remained mostly stable lately ahead of the Q2 results. The company has a mixed record of earnings surprises in recent quarters.”

MACK has been the topic of a number of other reports. Cowen and Company reiterated a “market perform” rating on shares of Merrimack Pharmaceuticals in a research note on Friday, May 19th. ValuEngine lowered Merrimack Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $8.27.

Merrimack Pharmaceuticals (MACK) traded down 3.68% on Monday, reaching $1.31. The company’s stock had a trading volume of 764,545 shares. Merrimack Pharmaceuticals has a 12 month low of $1.13 and a 12 month high of $6.79. The firm has a 50 day moving average of $2.15 and a 200 day moving average of $3.09. The firm’s market cap is $173.48 million.

Merrimack Pharmaceuticals (NASDAQ:MACK) last issued its quarterly earnings results on Wednesday, May 10th. The biopharmaceutical company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by $0.15. During the same quarter in the previous year, the firm earned ($0.33) earnings per share. Analysts anticipate that Merrimack Pharmaceuticals will post ($0.54) earnings per share for the current year.

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Several institutional investors have recently made changes to their positions in the stock. State Street Corp raised its position in shares of Merrimack Pharmaceuticals by 16.5% in the fourth quarter. State Street Corp now owns 5,349,447 shares of the biopharmaceutical company’s stock valued at $21,829,000 after buying an additional 756,645 shares during the period. Tudor Investment Corp Et Al purchased a new position in shares of Merrimack Pharmaceuticals during the fourth quarter valued at approximately $184,000. Guggenheim Capital LLC purchased a new position in shares of Merrimack Pharmaceuticals during the fourth quarter valued at approximately $1,166,000. Norges Bank purchased a new position in shares of Merrimack Pharmaceuticals during the fourth quarter valued at approximately $3,794,000. Finally, Kempner Capital Management Inc. purchased a new position in shares of Merrimack Pharmaceuticals during the first quarter valued at approximately $459,000. Hedge funds and other institutional investors own 59.10% of the company’s stock.

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. The Company has one marketed therapeutic oncology product and multiple targeted therapeutic oncology candidates in clinical development.

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Analyst Recommendations for Merrimack Pharmaceuticals (NASDAQ:MACK)

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