JPMorgan Chase & Co. lowered shares of Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) from an overweight rating to a neutral rating in a research report released on Friday morning. JPMorgan Chase & Co. currently has $5.75 price objective on the biopharmaceutical company’s stock.
“Our view that 2016 consensus estimates, while achievable, are perhaps not meaningfully beatable (and 2017 needs to moderate incrementally, in our view).””Key pipeline catalysts, while underappreciated, are weighted 2Q17+.””Our expectation that R&D prioritization and search for a new CEO could take time (currently no timelines outlined).””A continued financing overhang (~12 months of cash).,” JPMorgan Chase & Co.’s analyst wrote.
Other equities analysts have also issued research reports about the stock. Robert W. Baird reaffirmed a neutral rating and set a $7.00 target price (down previously from $8.00) on shares of Merrimack Pharmaceuticals in a research report on Wednesday, August 10th. Zacks Investment Research lowered shares of Merrimack Pharmaceuticals from a hold rating to a sell rating in a research report on Tuesday, August 9th. BTIG Research reaffirmed a neutral rating on shares of Merrimack Pharmaceuticals in a research report on Friday, September 9th. Cowen and Company lowered shares of Merrimack Pharmaceuticals from an outperform rating to a market perform rating in a research report on Friday, August 5th. Finally, Brean Capital set a $13.00 target price on shares of Merrimack Pharmaceuticals and gave the stock a buy rating in a research report on Friday, August 5th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $10.17.
Shares of Merrimack Pharmaceuticals (NASDAQ:MACK) opened at 5.05 on Friday. The company has a 50 day moving average of $5.22 and a 200-day moving average of $6.13. The firm’s market cap is $652.66 million. Merrimack Pharmaceuticals has a 12-month low of $4.39 and a 12-month high of $10.85.
Merrimack Pharmaceuticals (NASDAQ:MACK) last released its quarterly earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.40) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.33) by $0.07. The firm had revenue of $33.70 million for the quarter, compared to the consensus estimate of $33.35 million. During the same quarter last year, the company posted ($0.33) earnings per share. The firm’s revenue for the quarter was up 58.3% on a year-over-year basis. Equities research analysts forecast 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 Merrimack Pharmaceuticals stock in a transaction on Monday, July 25th. The shares were sold at an average price of $5.50, for a total transaction of $275,000.00. Following the sale, the insider now owns 115,657 shares in the company, valued at $636,113.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 11.49% of the company’s stock.
A number of large investors have recently bought and sold shares of the company. Creative Planning increased its stake 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. Schwab Charles Investment Management Inc. increased its stake in shares of Merrimack Pharmaceuticals by 1.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 438,355 shares of the biopharmaceutical company’s stock valued at $2,363,000 after buying an additional 8,286 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its stake in shares of Merrimack Pharmaceuticals by 2.9% in the second quarter. Metropolitan Life Insurance Co. NY now owns 93,344 shares of the biopharmaceutical company’s stock valued at $503,000 after buying an additional 2,652 shares in the last quarter. Cubist Systematic Strategies LLC increased 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 valued at $135,000 after buying an additional 14,990 shares in the last quarter. Finally, Capstone Investment Advisors LLC purchased a new stake in shares of Merrimack Pharmaceuticals during the second quarter valued at approximately $302,000. Hedge funds and other institutional investors own 66.37% 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. Its therapeutic oncology candidates in clinical development include MM-398, MM-302, MM-121, MM-141 and MM-151.
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