Trade Report: Today, Merrimack Pharmaceuticals Inc. (MACK) Lowered by Vetr Inc.

Today, Merrimack Pharmaceuticals Inc. (MACK) Lowered by Vetr Inc.

Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) was downgraded by equities research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued on Monday. They presently have a $5.92 price target on the biopharmaceutical company’s stock. Vetr‘s price objective suggests a potential downside of 7.64% from the stock’s previous close.

Several other research analysts have also commented on MACK. Zacks Investment Research lowered shares of Merrimack Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 19th. Cowen and Company lowered shares of Merrimack Pharmaceuticals from an “outperform” rating to a “market perform” rating in a report on Friday, August 5th. Brean Capital set a $13.00 price target on shares of Merrimack Pharmaceuticals and gave the company a “buy” rating in a report on Friday, August 5th. JPMorgan Chase & Co. cut their price target on shares of Merrimack Pharmaceuticals from $9.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, August 5th. Finally, Robert W. Baird restated a “neutral” rating and issued a $7.00 price target (down previously from $8.00) on shares of Merrimack Pharmaceuticals in a report on Wednesday, August 10th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Merrimack Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $9.49.

Shares of Merrimack Pharmaceuticals (NASDAQ:MACK) traded up 2.23% during mid-day trading on Monday, hitting $6.41. 911,239 shares of the stock traded hands. Merrimack Pharmaceuticals has a one year low of $4.39 and a one year high of $9.63. The stock has a 50-day moving average of $5.59 and a 200 day moving average of $5.67. The stock’s market cap is $830.83 million.

Merrimack Pharmaceuticals (NASDAQ:MACK) last posted its quarterly earnings results on Wednesday, November 9th. The biopharmaceutical company reported ($0.23) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.04. The business earned $28.07 million during the quarter, compared to analysts’ expectations of $41 million. During the same quarter in the previous year, the business posted ($0.38) EPS. The company’s quarterly revenue was up 71.3% on a year-over-year basis. Equities analysts predict that Merrimack Pharmaceuticals will post ($1.05) EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its stake in Merrimack Pharmaceuticals by 5.0% in the second quarter. Principal Financial Group Inc. now owns 21,259 shares of the biopharmaceutical company’s stock worth $115,000 after buying an additional 1,010 shares during the last quarter. SG Americas Securities LLC bought a new stake in Merrimack Pharmaceuticals during the third quarter worth $127,000. Parametric Portfolio Associates LLC increased its stake in Merrimack Pharmaceuticals by 7.5% in the second quarter. Parametric Portfolio Associates LLC now owns 24,488 shares of the biopharmaceutical company’s stock worth $132,000 after buying an additional 1,712 shares during the last quarter. Cubist Systematic Strategies LLC increased its stake in Merrimack Pharmaceuticals by 147.9% in the second quarter. Cubist Systematic Strategies LLC now owns 25,128 shares of the biopharmaceutical company’s stock worth $135,000 after buying an additional 14,990 shares during the last quarter. Finally, BlackRock Inc. increased its stake in Merrimack Pharmaceuticals by 254.1% in the second quarter. BlackRock Inc. now owns 27,874 shares of the biopharmaceutical company’s stock worth $151,000 after buying an additional 20,002 shares during the last quarter. 67.44% 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.

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