Merrimack Pharmaceuticals Inc. (NASDAQ:MACK)‘s stock had its “hold” rating reissued by equities researchers at JPMorgan Chase & Co. in a report released on Thursday. They currently have a $7.00 target price on the biopharmaceutical company’s stock. JPMorgan Chase & Co.’s price target would indicate a potential upside of 11.82% from the stock’s current price.

The analysts wrote, “J.P. Morgan Reiterates a Hold Rating on Merrimack Pharmaceuticals | Analyst Ratings

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Home » J.P. Morgan Reiterates a Hold Rating on Merrimack Pharmaceuticals”

A number of other research firms also recently commented on MACK. BTIG Research reaffirmed a “neutral” rating on shares of Merrimack Pharmaceuticals in a report on Friday, September 9th. 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 report on Monday, November 7th. Zacks Investment Research raised Merrimack Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, October 5th. 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 report on Wednesday, August 10th. Finally, Brean Capital set a $13.00 price target on Merrimack Pharmaceuticals and gave the company a “buy” rating in a report on Friday, August 5th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $9.49.

Analyst Recommendations for Merrimack Pharmaceuticals (NASDAQ:MACK)

Shares of Merrimack Pharmaceuticals (NASDAQ:MACK) opened at 6.26 on Thursday. Merrimack Pharmaceuticals has a one year low of $4.39 and a one year high of $9.63. The firm’s 50-day moving average is $5.55 and its 200-day moving average is $5.71. The stock’s market capitalization is $810.26 million.

Merrimack Pharmaceuticals (NASDAQ:MACK) last released its earnings results on Wednesday, November 9th. The biopharmaceutical company reported ($0.23) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.04. The firm had revenue of $28.07 million for the quarter, compared to analyst estimates of $41 million. During the same period last year, the firm earned ($0.38) EPS. The company’s revenue for the quarter was up 71.3% compared to the same quarter last year. Equities research analysts forecast that Merrimack Pharmaceuticals will post ($1.05) EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC increased its position in shares of Merrimack Pharmaceuticals by 10.1% in the second quarter. FMR LLC now owns 19,158,769 shares of the biopharmaceutical company’s stock valued at $103,265,000 after buying an additional 1,749,684 shares during the last quarter. Franklin Resources Inc. acquired a new position in shares of Merrimack Pharmaceuticals during the second quarter valued at $6,998,000. Vanguard Group Inc. increased its position in shares of Merrimack Pharmaceuticals by 10.4% in the second quarter. Vanguard Group Inc. now owns 10,196,415 shares of the biopharmaceutical company’s stock valued at $54,958,000 after buying an additional 958,188 shares during the last quarter. Westfield Capital Management Co. LP increased its position in shares of Merrimack Pharmaceuticals by 11.7% in the second quarter. Westfield Capital Management Co. LP now owns 9,074,557 shares of the biopharmaceutical company’s stock valued at $48,912,000 after buying an additional 947,535 shares during the last quarter. Finally, State Street Corp increased its position in shares of Merrimack Pharmaceuticals by 31.7% in the second quarter. State Street Corp now owns 3,908,674 shares of the biopharmaceutical company’s stock valued at $21,066,000 after buying an additional 939,786 shares during the last quarter. 66.40% of the stock is owned by institutional investors and hedge funds.

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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