Merrimack Pharmaceuticals Inc (MACK) Expected to Post Quarterly Sales of $33.00 Million
Brokerages expect Merrimack Pharmaceuticals Inc (NASDAQ:MACK) to announce sales of $33.00 million for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Merrimack Pharmaceuticals’ earnings. Merrimack Pharmaceuticals posted sales of $61.24 million in the same quarter last year, which would indicate a negative year over year growth rate of 46.1%. The company is scheduled to issue its next quarterly earnings results on Wednesday, March 7th.
According to Zacks, analysts expect that Merrimack Pharmaceuticals will report full-year sales of $33.00 million for the current fiscal year. For the next financial year, analysts forecast that the business will report sales of $0.00 per share. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Merrimack Pharmaceuticals.
A number of research firms recently commented on MACK. ValuEngine downgraded Merrimack Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Monday, October 2nd. Robert W. Baird reaffirmed a “hold” rating and issued a $15.00 price target on shares of Merrimack Pharmaceuticals in a research note on Friday, October 13th. Finally, Zacks Investment Research downgraded Merrimack Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th.
A number of hedge funds and other institutional investors have recently modified their holdings of MACK. Newtyn Management LLC acquired a new position in Merrimack Pharmaceuticals during the third quarter worth about $5,671,000. Rubric Capital Management LP acquired a new position in Merrimack Pharmaceuticals during the third quarter worth about $4,913,000. Airain ltd raised its stake in Merrimack Pharmaceuticals by 157.8% during the second quarter. Airain ltd now owns 235,257 shares of the biopharmaceutical company’s stock worth $292,000 after acquiring an additional 143,993 shares in the last quarter. Alliancebernstein L.P. raised its stake in Merrimack Pharmaceuticals by 108.1% during the second quarter. Alliancebernstein L.P. now owns 217,900 shares of the biopharmaceutical company’s stock worth $270,000 after acquiring an additional 113,200 shares in the last quarter. Finally, State of Wisconsin Investment Board acquired a new position in Merrimack Pharmaceuticals during the second quarter worth about $134,000. 50.14% of the stock is owned by hedge funds and other institutional investors.
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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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