Mersana Therapeutics (NASDAQ:MRSN) Posts Quarterly Earnings Results, Misses Estimates By $0.07 EPS

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

Mersana Therapeutics Trading Up 1.8%

Shares of Mersana Therapeutics stock traded up $0.49 during trading hours on Friday, reaching $27.92. The stock had a trading volume of 419,769 shares, compared to its average volume of 194,946. Mersana Therapeutics has a twelve month low of $5.21 and a twelve month high of $70.73. The stock’s 50 day moving average is $9.34 and its 200 day moving average is $8.63. The firm has a market capitalization of $139.32 million, a PE ratio of -1.91 and a beta of 0.92.

Analyst Ratings Changes

MRSN has been the topic of a number of recent research reports. Truist Financial downgraded Mersana Therapeutics from a “buy” rating to a “hold” rating and lowered their target price for the company from $36.00 to $30.75 in a research report on Thursday. William Blair lowered Mersana Therapeutics to a “market perform” rating in a report on Thursday. BTIG Research downgraded Mersana Therapeutics from a “buy” rating to a “hold” rating in a research note on Thursday. Wedbush lowered shares of Mersana Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday. Finally, Wall Street Zen lowered shares of Mersana Therapeutics to a “strong sell” rating in a research note on Saturday, August 2nd. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $55.55.

Institutional Trading of Mersana Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Mackenzie Financial Corp purchased a new stake in Mersana Therapeutics during the 3rd quarter worth $371,000. Jane Street Group LLC acquired a new stake in shares of Mersana Therapeutics during the 2nd quarter valued at $151,000. Cerity Partners LLC raised its holdings in Mersana Therapeutics by 31.4% during the second quarter. Cerity Partners LLC now owns 320,805 shares of the company’s stock valued at $95,000 after buying an additional 76,570 shares in the last quarter. Marshall Wace LLP bought a new position in Mersana Therapeutics during the second quarter worth $68,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Mersana Therapeutics by 156.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 130,094 shares of the company’s stock worth $39,000 after buying an additional 79,390 shares in the last quarter. Institutional investors and hedge funds own 93.92% of the company’s stock.

Mersana Therapeutics Company Profile

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.