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 boost the drug’s sales further. 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 on a focused set of oncology products and strengthening its cash runway which led the company to reduce its headcount by 22%.”
Several other research analysts also recently issued reports on MACK. BTIG Research reiterated a neutral rating on shares of Merrimack Pharmaceuticals in a report on Wednesday. Robert W. Baird reiterated a neutral rating and set a $7.00 price target (down from $8.00) on shares of Merrimack Pharmaceuticals in a report on Wednesday, August 10th. JPMorgan Chase & Co. lowered their price target on shares of Merrimack Pharmaceuticals from $9.00 to $8.00 and set an overweight rating for the company in a report on Friday, August 5th. Brean Capital set a $13.00 price target on shares of Merrimack Pharmaceuticals and gave the stock a buy rating in a report on Friday, August 5th. Finally, Cowen and Company downgraded shares of Merrimack Pharmaceuticals from an outperform rating to a market perform rating in a report on Friday, August 5th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $10.54.
Shares of Merrimack Pharmaceuticals (NASDAQ:MACK) traded up 2.097% during midday trading on Wednesday, hitting $6.085. The company had a trading volume of 1,343,618 shares. The firm’s market cap is $786.43 million. The company’s 50 day moving average is $5.16 and its 200 day moving average is $6.22. Merrimack Pharmaceuticals has a one year low of $4.39 and a one year high of $10.85.
Merrimack Pharmaceuticals (NASDAQ:MACK) last announced its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.33) by $0.07. The business had revenue of $33.70 million for the quarter, compared to analyst estimates of $33.35 million. During the same period in the prior year, the company posted ($0.33) EPS. Merrimack Pharmaceuticals’s quarterly revenue was up 58.3% on a year-over-year basis. Equities analysts forecast that Merrimack Pharmaceuticals will post ($1.03) earnings per share for the current fiscal year.
In related news, insider Birgit M. Schoeberl sold 50,000 shares of the business’s stock in a transaction on Monday, July 25th. The shares were sold at an average price of $5.50, for a total value of $275,000.00. Following the sale, 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 SEC, which is accessible through the SEC website. 11.49% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. boosted its stake 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 worth $115,000 after buying an additional 1,010 shares during the period. Parametric Portfolio Associates LLC boosted its stake 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 worth $132,000 after buying an additional 1,712 shares during the period. Cubist Systematic Strategies LLC boosted its stake 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 worth $135,000 after buying an additional 14,990 shares during the period. BlackRock Inc. boosted its stake 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 worth $151,000 after buying an additional 20,002 shares during the period. Finally, GAM Holding AG purchased a new stake in shares of Merrimack Pharmaceuticals during the second quarter worth approximately $210,000. 66.37% of the stock is currently 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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