Trade Report: Today, Merrimack Pharmaceuticals Inc. (MACK) gets “Neutral” status at JPMorgan Chase & Co.

Today, Merrimack Pharmaceuticals Inc. (MACK) gets “Neutral” status at JPMorgan Chase & Co.

Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) was downgraded by JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report issued on Friday, The Fly reports.

Other analysts also recently issued reports about the stock. Brean Capital set a $13.00 target price on shares of Merrimack Pharmaceuticals and gave the stock a “buy” rating in a report on Friday, August 5th. Zacks Investment Research upgraded shares of Merrimack Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday. Cowen and Company downgraded shares of Merrimack Pharmaceuticals from an “outperform” rating to a “market perform” rating in a report on Friday, August 5th. BTIG Research restated a “neutral” rating on shares of Merrimack Pharmaceuticals in a report on Wednesday. Finally, Robert W. Baird restated a “neutral” rating and set a $7.00 price target (down previously from $8.00) on shares of Merrimack Pharmaceuticals in a report on Wednesday, August 10th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Merrimack Pharmaceuticals has a consensus rating of “Hold” and a consensus price target of $10.54.

Merrimack Pharmaceuticals (NASDAQ:MACK) opened at 5.98 on Friday. The firm’s market cap is $772.86 million. Merrimack Pharmaceuticals has a 12-month low of $4.39 and a 12-month high of $10.85. The company’s 50 day moving average is $5.19 and its 200 day moving average is $6.22.

Merrimack Pharmaceuticals (NASDAQ:MACK) last released its earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by $0.07. The company had revenue of $33.70 million for the quarter, compared to analyst estimates of $33.35 million. During the same quarter in the prior year, the firm earned ($0.33) EPS. Merrimack Pharmaceuticals’s quarterly revenue was up 58.3% on a year-over-year basis. On average, equities analysts anticipate that Merrimack Pharmaceuticals will post ($1.02) earnings per share for the current year.

In other Merrimack Pharmaceuticals news, insider Birgit M. Schoeberl sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $5.50, for a total value of $275,000.00. Following the transaction, the insider now owns 115,657 shares in the company, valued at approximately $636,113.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 11.49% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Consonance Capital Management LP bought a new position in Merrimack Pharmaceuticals during the first quarter valued at $49,175,000. FMR LLC raised its position in 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 in the last quarter. Franklin Resources Inc. bought a new position in Merrimack Pharmaceuticals during the second quarter valued at $6,998,000. Vanguard Group Inc. raised its position in Merrimack Pharmaceuticals by 10.4% in the second quarter. Vanguard Group Inc. now owns 10,196,415 shares of the biopharmaceutical company’s stock valued at $54,958,000 after buying an additional 958,188 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its position in Merrimack Pharmaceuticals by 11.7% in the second quarter. Westfield Capital Management Co. LP now owns 9,074,557 shares of the biopharmaceutical company’s stock valued at $48,912,000 after buying an additional 947,535 shares in the last quarter. Hedge funds and other institutional investors own 66.37% 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.

Related posts

Leave a Comment