Mersana Therapeutics (NASDAQ:MRSN) Issues Earnings Results

Mersana Therapeutics (NASDAQ:MRSN) issued its quarterly earnings data on Friday. The company reported ($1.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.44) by ($0.07), FiscalAI reports. The business had revenue of $11.01 million during the quarter, compared to analyst estimates of $14.20 million.

Mersana Therapeutics Stock Up 1.8%

MRSN traded up $0.49 on Friday, reaching $27.92. 419,769 shares of the company traded hands, compared to its average volume of 194,946. The company has a market cap of $139.35 million, a P/E ratio of -1.91 and a beta of 0.92. Mersana Therapeutics has a one year low of $5.21 and a one year high of $70.73. The firm has a fifty day simple moving average of $9.34 and a two-hundred day simple moving average of $8.63.

Institutional Trading of Mersana Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of MRSN. JPMorgan Chase & Co. boosted its holdings in shares of Mersana Therapeutics by 156.6% in the second quarter. JPMorgan Chase & Co. now owns 130,094 shares of the company’s stock valued at $39,000 after purchasing an additional 79,390 shares during the period. Invesco Ltd. raised its position in Mersana Therapeutics by 109.3% during the 1st quarter. Invesco Ltd. now owns 114,863 shares of the company’s stock valued at $40,000 after purchasing an additional 59,991 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Mersana Therapeutics in the 2nd quarter worth $68,000. Cerity Partners LLC grew its position in shares of Mersana Therapeutics by 31.4% during the 2nd quarter. Cerity Partners LLC now owns 320,805 shares of the company’s stock worth $95,000 after buying an additional 76,570 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of Mersana Therapeutics during the second quarter valued at $151,000. Institutional investors own 93.92% of the company’s stock.

Wall Street Analysts Forecast Growth

MRSN has been the topic of several analyst reports. BTIG Research downgraded Mersana Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday. Lifesci Capital cut shares of Mersana Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Guggenheim reissued a “neutral” rating on shares of Mersana Therapeutics in a research note on Friday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Mersana Therapeutics in a research note on Wednesday, October 8th. Finally, Leerink Partnrs lowered shares of Mersana Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Seven investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $38.19.

About Mersana Therapeutics

Mersana Therapeutics, Inc, a clinical stage biopharmaceutical company, develops antibody drug conjugates (ADC) for cancer patients with unmet needs. The company develops XMT-1660, a B7-H4-targeted Dolasynthen ADC candidate; and XMT-2056, an immunosynthen ADC. It has research and development collaborations with Janssen Biotech, Inc, Ares Trading SA, Merck KGaA, and Asana BioSciences, LLC for the development of ADC product candidates.