Today, Merrimack Pharmaceuticals Inc. (MACK) Receives $8.57 Average Price Target from Analysts

Today, Merrimack Pharmaceuticals Inc. (MACK) Receives $8.57 Average Price Target from Analysts
Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) has been given an average recommendation of “Buy” by the nine analysts that are currently covering the firm. Four investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $8.57.

Several analysts have recently issued reports on MACK shares. BTIG Research reissued a “neutral” rating on shares of Merrimack Pharmaceuticals in a research report on Friday, September 9th. Vetr cut shares of Merrimack Pharmaceuticals from a “strong-buy” rating to a “buy” rating and set a $5.92 price target on the stock. in a research report on Monday, November 7th. JPMorgan Chase & Co. cut shares of Merrimack Pharmaceuticals from an “overweight” rating to a “neutral” rating and set a $5.75 price target on the stock. in a research report on Friday, October 7th. Zacks Investment Research upgraded shares of Merrimack Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, October 5th. Finally, Robert W. Baird restated 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.

Shares of Merrimack Pharmaceuticals (NASDAQ:MACK) opened at 6.27 on Tuesday. The firm’s market capitalization is $812.69 million. Merrimack Pharmaceuticals has a 52 week low of $4.39 and a 52 week high of $9.63. The firm’s 50-day moving average is $5.59 and its 200 day moving average is $5.67.

Merrimack Pharmaceuticals (NASDAQ:MACK) last issued its quarterly earnings results on Wednesday, November 9th. The biopharmaceutical company reported ($0.23) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.27) by $0.04. The business had revenue of $28.07 million for the quarter, compared to analyst estimates of $41 million. The firm’s revenue for the quarter was up 71.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.38) EPS. On average, equities analysts forecast that Merrimack Pharmaceuticals will post ($1.05) earnings per share for the current year.

Institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. raised 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 valued at $115,000 after buying an additional 1,010 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Merrimack Pharmaceuticals during the third quarter valued at approximately $127,000. Parametric Portfolio Associates LLC raised 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 valued at $132,000 after buying an additional 1,712 shares in the last quarter. Cubist Systematic Strategies LLC raised 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 valued at $135,000 after buying an additional 14,990 shares in the last quarter. Finally, BlackRock Inc. raised 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 valued at $151,000 after buying an additional 20,002 shares in the last quarter. Institutional investors own 67.44% of the company’s stock.

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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