Merrimack Pharmaceuticals Inc. (MACK) Receives Consensus Rating of “Buy” from Analysts
Shares of Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) have earned a consensus recommendation of “Buy” from the nine analysts that are currently covering the company. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $8.57.
A number of equities research analysts have recently weighed in on MACK shares. Brean Capital set a $13.00 target price on Merrimack Pharmaceuticals and gave the stock a “buy” rating in a research report on Friday, August 5th. JPMorgan Chase & Co. downgraded Merrimack Pharmaceuticals from an “overweight” rating to a “neutral” rating and set a $5.75 target price for the company. in a research report on Friday, October 7th. Zacks Investment Research upgraded Merrimack Pharmaceuticals from a “hold” rating to a “buy” rating and set a $5.50 target price for the company in a research report on Wednesday, October 19th. Vetr downgraded Merrimack Pharmaceuticals from a “strong-buy” rating to a “buy” rating and set a $6.20 target price for the company. in a research report on Monday, October 24th. Finally, BTIG Research restated a “neutral” rating on shares of Merrimack Pharmaceuticals in a research report on Sunday, September 25th.
Large investors have recently added to or reduced their stakes in the stock. Consonance Capital Management LP bought a new stake in Merrimack Pharmaceuticals during the third quarter worth approximately $37,784,000. Great Point Partners LLC bought a new stake in Merrimack Pharmaceuticals during the third quarter worth approximately $15,508,000. Lagoda Investment Management L.P. bought a new stake in Merrimack Pharmaceuticals during the third quarter worth approximately $11,879,000. FMR LLC increased its stake 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 period. Finally, Franklin Resources Inc. acquired a new stake in shares of Merrimack Pharmaceuticals during the second quarter valued at about $6,998,000. Institutional investors and hedge funds own 67.44% of the company’s stock.
Shares of Merrimack Pharmaceuticals (NASDAQ:MACK) traded down 1.45% during midday trading on Tuesday, reaching $6.12. The company’s stock had a trading volume of 950,171 shares. The stock has a 50-day moving average of $5.58 and a 200 day moving average of $5.67. The company’s market cap is $793.24 million. Merrimack Pharmaceuticals has a 12 month low of $4.39 and a 12 month high of $9.63.
Merrimack Pharmaceuticals (NASDAQ:MACK) last released its earnings results on Wednesday, November 9th. The biopharmaceutical company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.04. The firm had revenue of $28.07 million for the quarter, compared to the consensus estimate of $41 million. The company’s revenue was up 71.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.38) EPS. On average, analysts predict that Merrimack Pharmaceuticals will post ($1.05) earnings per share for the current fiscal year.
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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