Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) issued its earnings results on Wednesday. The biopharmaceutical company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.04. The business had revenue of $28.07 million for the quarter, compared to analysts’ expectations of $41 million. The business’s quarterly revenue was up 71.3% on a year-over-year basis. During the same period last year, the company posted ($0.38) earnings per share.

Merrimack Pharmaceuticals (NASDAQ:MACK) opened at 6.46 on Friday. Merrimack Pharmaceuticals has a 1-year low of $4.39 and a 1-year high of $9.63. The company has a 50-day moving average price of $5.54 and a 200 day moving average price of $5.72. The stock’s market capitalization is $834.89 million.

Earnings History for Merrimack Pharmaceuticals (NASDAQ:MACK)

Institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. increased its position 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 last quarter. SG Americas Securities LLC bought a new position in shares of Merrimack Pharmaceuticals during the third quarter worth approximately $127,000. Parametric Portfolio Associates LLC increased its position 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 last quarter. Cubist Systematic Strategies LLC increased its position 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 last quarter. Finally, BlackRock Inc. increased its position 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 last quarter. Institutional investors own 66.40% of the company’s stock.

A number of brokerages have recently issued reports on MACK. BTIG Research reissued a “neutral” rating on shares of Merrimack Pharmaceuticals in a research note on Thursday. JPMorgan Chase & Co. reissued a “hold” rating and set a $7.00 target price on shares of Merrimack Pharmaceuticals in a research note on Thursday. Robert W. Baird reissued a “neutral” rating and set a $7.00 target price (down from $8.00) on shares of Merrimack Pharmaceuticals in a research note on Wednesday, August 10th. Vetr downgraded Merrimack Pharmaceuticals from a “strong-buy” rating to a “buy” rating and set a $5.92 target price for the company. in a research note on Monday. Finally, Zacks Investment Research downgraded Merrimack Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Tuesday, August 9th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $9.49.

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.

5 Day Chart for NASDAQ:MACK

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