$33.00 Million in Sales Expected for Merrimack Pharmaceuticals Inc (MACK) This Quarter

Wall Street analysts expect Merrimack Pharmaceuticals Inc (NASDAQ:MACK) to post sales of $33.00 million for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Merrimack Pharmaceuticals’ earnings. Merrimack Pharmaceuticals posted sales of $61.24 million during the same quarter last year, which would suggest a negative year over year growth rate of 46.1%. The firm is expected to announce its next earnings report on Wednesday, March 7th.

On average, 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 expect that the company will post sales of $0.00 per share. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Merrimack Pharmaceuticals.

Merrimack Pharmaceuticals (NASDAQ:MACK) last announced its quarterly earnings results on Wednesday, November 8th. The biopharmaceutical company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.88) by $1.48.

Several brokerages have recently issued reports on MACK. ValuEngine downgraded shares of Merrimack Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Monday, October 2nd. Robert W. Baird reissued a “hold” rating and set a $15.00 price target on shares of Merrimack Pharmaceuticals in a report on Friday, October 13th. Finally, Zacks Investment Research downgraded shares of Merrimack Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, October 10th.

Merrimack Pharmaceuticals (NASDAQ MACK) opened at $10.82 on Friday. Merrimack Pharmaceuticals has a 1-year low of $10.04 and a 1-year high of $39.90. The stock has a market cap of $145.46, a price-to-earnings ratio of -1.48 and a beta of 1.72. The company has a current ratio of 3.35, a quick ratio of 3.35 and a debt-to-equity ratio of 0.45.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Rubric Capital Management LP acquired a new position in shares of Merrimack Pharmaceuticals during the third quarter valued at $4,913,000. Newtyn Management LLC acquired a new position in shares of Merrimack Pharmaceuticals during the third quarter valued at $5,671,000. Dimensional Fund Advisors LP acquired a new position in shares of Merrimack Pharmaceuticals during the third quarter valued at $376,000. Macquarie Group Ltd. acquired a new stake in Merrimack Pharmaceuticals in the third quarter worth about $137,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in Merrimack Pharmaceuticals by 14.8% in the second quarter. The Manufacturers Life Insurance Company now owns 113,235 shares of the biopharmaceutical company’s stock worth $141,000 after purchasing an additional 14,591 shares during the period. 50.14% of the stock is owned by institutional investors.

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

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