Zacks Investment Research downgraded shares of Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning.

According to Zacks, “With the sale of Onivyde, Merrimack is back to being a development-stage biopharmaceutical company. The successful development of the three lead candidates in its pipeline is critical for Merrimack’s growth. Moreover, two of the candidates, MM-121 and MM-141, are still being evaluated in phase II studies. The third candidate, MM-310 entered phase I study in the first quarter of 2017. Also, shares of the company have underperformed the industry year to date. However, the cash received from Ipsen was used to pay down the huge debt and return value to shareholders in the form of dividends. Moreover, the company has also invested a part of the proceeds to develop its streamlined oncology pipeline. Loss estimates have narrowed ahead of the Q3 earnings results. The company has a mixed record of earnings surprises in recent quarters.”

Separately, ValuEngine lowered Merrimack Pharmaceuticals from a sell rating to a strong sell rating in a research note on Monday, October 2nd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a strong buy rating to the company. Merrimack Pharmaceuticals currently has a consensus rating of Hold and an average price target of $76.20.

Merrimack Pharmaceuticals (NASDAQ:MACK) traded up 7.3107% on Tuesday, reaching $14.0899. 283,426 shares of the company’s stock were exchanged. The company’s market cap is $187.10 million. The stock’s 50 day moving average is $13.85 and its 200 day moving average is $19.78. Merrimack Pharmaceuticals has a 52 week low of $11.30 and a 52 week high of $67.90.

Merrimack Pharmaceuticals (NASDAQ:MACK) last released its quarterly earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($2.18) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.37) by ($0.81). During the same period in the prior year, the company posted ($4.00) earnings per share. On average, equities analysts anticipate that Merrimack Pharmaceuticals will post $33.49 earnings per share for the current year.

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In other Merrimack Pharmaceuticals news, Director Ulrik B. Nielsen sold 14,756 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $14.46, for a total value of $213,371.76. Following the transaction, the director now directly owns 37,437 shares of the company’s stock, valued at $541,339.02. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ulrik B. Nielsen sold 7,896 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $14.23, for a total value of $112,360.08. Following the completion of the transaction, the director now directly owns 22,781 shares in the company, valued at $324,173.63. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,308 shares of company stock worth $637,558. 8.53% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Rhumbline Advisers raised its position in shares of Merrimack Pharmaceuticals by 3.2% during the second quarter. Rhumbline Advisers now owns 145,089 shares of the biopharmaceutical company’s stock worth $180,000 after purchasing an additional 4,510 shares during the period. American International Group Inc. raised its position in shares of Merrimack Pharmaceuticals by 7.1% during the first quarter. American International Group Inc. now owns 75,158 shares of the biopharmaceutical company’s stock worth $231,000 after purchasing an additional 4,975 shares during the period. Metropolitan Life Insurance Co. NY raised its position in shares of Merrimack Pharmaceuticals by 6.5% during the first quarter. Metropolitan Life Insurance Co. NY now owns 93,074 shares of the biopharmaceutical company’s stock worth $287,000 after purchasing an additional 5,688 shares during the period. Bank of New York Mellon Corp raised its position in shares of Merrimack Pharmaceuticals by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 728,210 shares of the biopharmaceutical company’s stock worth $2,243,000 after purchasing an additional 13,664 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in shares of Merrimack Pharmaceuticals by 14.8% during 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.

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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