Vetr upgraded shares of Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) from a strong sell rating to a strong-buy rating in a research note published on Tuesday morning. The firm currently has $10.86 target price on the biopharmaceutical company’s stock.

Several other brokerages have also commented on MACK. Zacks Investment Research lowered Merrimack Pharmaceuticals from a hold rating to a sell rating in a research report on Tuesday, August 9th. Cowen and Company lowered Merrimack Pharmaceuticals from an outperform rating to a market perform rating in a research report on Friday, August 5th. Brean Capital set a $13.00 price objective on Merrimack Pharmaceuticals and gave the company a buy rating in a research report on Friday, August 5th. BTIG Research reissued a neutral rating on shares of Merrimack Pharmaceuticals in a research report on Sunday, September 25th. Finally, JPMorgan Chase & Co. lowered their price objective on Merrimack Pharmaceuticals from $9.00 to $8.00 and set an overweight rating for the company in a research report on Friday, August 5th. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Merrimack Pharmaceuticals currently has an average rating of Buy and an average price target of $10.19.

Analyst Recommendations for Merrimack Pharmaceuticals (NASDAQ:MACK)

Merrimack Pharmaceuticals (NASDAQ:MACK) opened at 5.86 on Tuesday. Merrimack Pharmaceuticals has a 12-month low of $4.39 and a 12-month high of $9.40. The firm’s market cap is $759.54 million. The firm’s 50-day moving average is $5.61 and its 200 day moving average is $5.65.

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

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A number of institutional investors have recently modified their holdings of the company. 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 worth $115,000 after buying an additional 1,010 shares during the period. Chicago Equity Partners LLC increased its position in shares of Merrimack Pharmaceuticals by 2.5% in the second quarter. Chicago Equity Partners LLC now owns 48,180 shares of the biopharmaceutical company’s stock valued at $260,000 after buying an additional 1,160 shares during the period. Guggenheim Capital LLC increased its position in shares of Merrimack Pharmaceuticals by 0.3% in the second quarter. Guggenheim Capital LLC now owns 421,079 shares of the biopharmaceutical company’s stock valued at $2,270,000 after buying an additional 1,371 shares during the period. LPL Financial LLC increased its position in shares of Merrimack Pharmaceuticals by 6.1% in the third quarter. LPL Financial LLC now owns 27,703 shares of the biopharmaceutical company’s stock valued at $165,000 after buying an additional 1,600 shares during the period. Finally, Parametric Portfolio Associates LLC increased 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 during the period. 73.57% 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.

5 Day Chart for NASDAQ:MACK

To view Vetr’s full report, visit Vetr’s official website.

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