BTIG Research reaffirmed their neutral rating on shares of Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) in a research report sent to investors on Wednesday morning.

A number of other brokerages have also commented on MACK. Robert W. Baird reiterated a neutral rating and issued a $7.00 price objective (down from $8.00) on shares of Merrimack Pharmaceuticals in a research report on Wednesday, August 10th. JPMorgan Chase & Co. decreased their price objective on Merrimack Pharmaceuticals from $9.00 to $8.00 and set an overweight rating on the stock in a research report on Friday, August 5th. Brean Capital set a $13.00 price objective on Merrimack Pharmaceuticals and gave the company a buy rating in a research report on Friday, August 5th. Cowen and Company lowered Merrimack Pharmaceuticals from an outperform rating to a market perform rating in a research report on Friday, August 5th. Finally, Zacks Investment Research lowered Merrimack Pharmaceuticals from a strong-buy rating to a hold rating in a research report on Tuesday, July 19th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of Buy and an average price target of $10.54.

Merrimack Pharmaceuticals (NASDAQ:MACK) traded up 2.097% during mid-day trading on Wednesday, hitting $6.085. 1,343,618 shares of the company were exchanged. The stock’s market cap is $786.43 million. The firm has a 50 day moving average price of $5.16 and a 200 day moving average price of $6.22. 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 company earned $33.70 million during the quarter, compared to analyst estimates of $33.35 million. Merrimack Pharmaceuticals’s revenue was up 58.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.33) EPS. Analysts anticipate that Merrimack Pharmaceuticals will post ($1.03) EPS for the current fiscal year.

In other news, insider Birgit M. Schoeberl sold 50,000 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $636,113.50. The transaction 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 modified their holdings of MACK. Commonwealth Equity Services Inc increased its stake in shares of Merrimack Pharmaceuticals by 1.9% in the first quarter. Commonwealth Equity Services Inc now owns 35,881 shares of the biopharmaceutical company’s stock valued at $300,000 after buying an additional 665 shares during the last quarter. Principal Financial Group Inc. increased 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 valued at $115,000 after buying an additional 1,010 shares during the last quarter. Chicago Equity Partners LLC increased its stake in shares of Merrimack Pharmaceuticals by 2.5% in the second quarter. Chicago Equity Partners LLC now owns 48,180 shares of the biopharmaceutical company’s stock valued at $260,000 after buying an additional 1,160 shares during the last quarter. Guggenheim Capital LLC increased its stake in shares of Merrimack Pharmaceuticals by 0.3% in the second quarter. Guggenheim Capital LLC now owns 421,079 shares of the biopharmaceutical company’s stock valued at $2,270,000 after buying an additional 1,371 shares during the last quarter. Finally, Parametric Portfolio Associates LLC increased 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 valued at $132,000 after buying an additional 1,712 shares during the last quarter. 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.

5 Day Chart for NASDAQ:MACK

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