Merrimack Pharmaceuticals, Inc. (MACK) Given Average Recommendation of “Hold” by Brokerages

Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) has earned an average rating of “Hold” from the seven analysts that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $76.20.

Several research analysts recently commented on MACK shares. ValuEngine raised Merrimack Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, September 6th. Zacks Investment Research cut Merrimack Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Finally, Cowen and Company reissued a “market perform” rating on shares of Merrimack Pharmaceuticals in a research note on Friday, May 19th.

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Shares of Merrimack Pharmaceuticals (NASDAQ MACK) traded up 1.99% during midday trading on Wednesday, hitting $14.32. The company had a trading volume of 484,312 shares. Merrimack Pharmaceuticals has a 12 month low of $11.30 and a 12 month high of $67.90. The company has a 50-day moving average of $12.87 and a 200 day moving average of $22.39. The firm has a market capitalization of $1.90 billion, a PE ratio of 4.46 and a beta of 2.02.

Merrimack Pharmaceuticals (NASDAQ:MACK) last released its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($2.18) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.37) by $0.81. During the same period in the previous year, the business earned ($4.00) earnings per share. On average, analysts expect that Merrimack Pharmaceuticals will post $33.60 EPS for the current fiscal year.

Several large investors have recently added to or reduced their stakes in MACK. Bank of New York Mellon Corp boosted its position in shares of Merrimack Pharmaceuticals by 1.9% during the 1st quarter. Bank of New York Mellon Corp now owns 728,210 shares of the biopharmaceutical company’s stock worth $2,243,000 after acquiring an additional 13,664 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in shares of Merrimack Pharmaceuticals by 71.7% during the 1st quarter. UBS Asset Management Americas Inc. now owns 72,279 shares of the biopharmaceutical company’s stock worth $223,000 after acquiring an additional 30,182 shares in the last quarter. Airain ltd acquired a new position in shares of Merrimack Pharmaceuticals during the 1st quarter worth about $281,000. American International Group Inc. boosted its position in shares of Merrimack Pharmaceuticals by 7.1% during the 1st quarter. American International Group Inc. now owns 75,158 shares of the biopharmaceutical company’s stock worth $231,000 after acquiring an additional 4,975 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. acquired a new position in shares of Merrimack Pharmaceuticals during the 1st quarter worth about $357,000. 46.66% 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. The Company has one marketed therapeutic oncology product and multiple targeted therapeutic oncology candidates in clinical development.

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