MACK has been the subject of a number of other reports. Brean Capital set a $13.00 price target on Merrimack Pharmaceuticals and gave the company a buy rating in a research note on Friday, August 5th. Cowen and Company cut Merrimack Pharmaceuticals from an outperform rating to a market perform rating in a research note on Friday, August 5th. Zacks Investment Research cut Merrimack Pharmaceuticals from a strong-buy rating to a hold rating in a research note on Tuesday, July 19th. JPMorgan Chase & Co. decreased their price target on Merrimack Pharmaceuticals from $9.00 to $8.00 and set an overweight rating for the company in a research note on Friday, August 5th. Finally, Robert W. Baird reiterated a neutral rating and issued a $7.00 price target (down from $8.00) on shares of Merrimack Pharmaceuticals in a research note on Wednesday, August 10th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Merrimack Pharmaceuticals has an average rating of Hold and an average price target of $10.17.
Merrimack Pharmaceuticals (NASDAQ:MACK) opened at 5.66 on Wednesday. The stock’s 50 day moving average price is $5.22 and its 200-day moving average price is $6.15. The stock’s market capitalization is $731.50 million. Merrimack Pharmaceuticals has a 52-week low of $4.39 and a 52-week high of $10.85.
Merrimack Pharmaceuticals (NASDAQ:MACK) last issued 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 company earned $33.70 million during the quarter, compared to analysts’ expectations of $33.35 million. Merrimack Pharmaceuticals’s revenue was up 58.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.33) EPS. On average, equities analysts expect that Merrimack Pharmaceuticals will post ($1.02) EPS for the current fiscal year.
In other news, insider Birgit M. Schoeberl sold 50,000 shares of the stock in a transaction dated 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 $636,113.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.49% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. raised its stake in 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 during the period. Parametric Portfolio Associates LLC raised its stake in 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 during the period. Cubist Systematic Strategies LLC raised its stake in 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 during the period. BlackRock Inc. raised its stake in 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 during the period. Finally, GAM Holding AG bought a new stake in Merrimack Pharmaceuticals during the second quarter valued at approximately $210,000. 66.37% of the stock is currently owned by hedge funds and other 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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