Cowen reiterated their hold rating on shares of Merrimack Pharmaceuticals (NASDAQ:MACK) in a report released on Wednesday.

Several other equities research analysts have also issued reports on MACK. ValuEngine lowered shares of Merrimack Pharmaceuticals from a hold rating to a sell rating in a research report on Monday, October 15th. Zacks Investment Research upgraded shares of Merrimack Pharmaceuticals from a hold rating to a buy rating and set a $4.75 target price for the company in a research report on Wednesday, October 24th. Finally, Robert W. Baird set a $4.00 target price on shares of Merrimack Pharmaceuticals and gave the company a hold rating in a research report on Saturday, October 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $4.38.

NASDAQ:MACK traded down $0.19 during mid-day trading on Wednesday, hitting $4.35. 90,163 shares of the stock traded hands, compared to its average volume of 209,121. The stock has a market cap of $63.38 million, a P/E ratio of -0.77 and a beta of 2.56. Merrimack Pharmaceuticals has a 12-month low of $3.34 and a 12-month high of $12.54.

Merrimack Pharmaceuticals (NASDAQ:MACK) last issued its quarterly earnings data on Wednesday, November 7th. The biopharmaceutical company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.65). On average, equities analysts anticipate that Merrimack Pharmaceuticals will post -3.87 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in MACK. Dynamic Technology Lab Private Ltd lifted its position in Merrimack Pharmaceuticals by 122.9% during the second quarter. Dynamic Technology Lab Private Ltd now owns 22,731 shares of the biopharmaceutical company’s stock valued at $112,000 after purchasing an additional 12,534 shares during the last quarter. GSA Capital Partners LLP bought a new stake in Merrimack Pharmaceuticals during the second quarter valued at approximately $143,000. Stonebridge Capital Management Inc. lifted its position in Merrimack Pharmaceuticals by 64.7% during the third quarter. Stonebridge Capital Management Inc. now owns 34,130 shares of the biopharmaceutical company’s stock valued at $182,000 after purchasing an additional 13,405 shares during the last quarter. LMR Partners LLP bought a new stake in Merrimack Pharmaceuticals during the second quarter valued at approximately $211,000. Finally, Clearline Capital LP bought a new stake in Merrimack Pharmaceuticals during the second quarter valued at approximately $291,000. Institutional investors and hedge funds own 46.86% of the company’s stock.

Merrimack Pharmaceuticals Company Profile

Merrimack Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, focuses on biomarker-defined cancers in the United States. The company's clinical programs include MM-121, which is in Phase II clinical trial for the treatment of patients with heregulin positive non-small cell lung cancer; and MM-141, a human tetravalent bispecific antibody that is in Phase II clinical trial for treating patients with metastatic pancreatic cancer with high serum levels of free insulin-like growth factor 1.

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