Merrimack Pharmaceuticals (MACK) Receives Hold Rating from Cowen

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

A number of other research firms have also weighed in on MACK. ValuEngine raised shares of Merrimack Pharmaceuticals from a strong sell rating to a sell rating in a research note on Tuesday, October 2nd. Zacks Investment Research raised shares of Merrimack Pharmaceuticals from a hold rating to a buy rating and set a $4.75 price objective for the company in a research note on Wednesday, October 24th. Finally, Robert W. Baird set a $4.00 price objective on shares of Merrimack Pharmaceuticals and gave the stock a hold rating in a research note on Saturday, October 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. Merrimack Pharmaceuticals has a consensus rating of Hold and a consensus price target of $4.38.

NASDAQ:MACK opened at $4.35 on Wednesday. Merrimack Pharmaceuticals has a 1-year low of $3.34 and a 1-year high of $12.54. The company has a quick ratio of 3.45, a current ratio of 3.96 and a debt-to-equity ratio of 0.22.

Merrimack Pharmaceuticals (NASDAQ:MACK) last released its quarterly earnings data on Wednesday, November 7th. The biopharmaceutical company reported ($0.92) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.27) by ($0.65). On average, equities research analysts predict that Merrimack Pharmaceuticals will post -4.15 EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the business. Newtyn Management LLC lifted its position in shares of Merrimack Pharmaceuticals by 349.6% during the second quarter. Newtyn Management LLC now owns 633,297 shares of the biopharmaceutical company’s stock valued at $3,109,000 after buying an additional 492,440 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Merrimack Pharmaceuticals by 26.6% during the second quarter. Dimensional Fund Advisors LP now owns 468,377 shares of the biopharmaceutical company’s stock valued at $2,300,000 after buying an additional 98,395 shares during the last quarter. Wittenberg Investment Management Inc. lifted its position in shares of Merrimack Pharmaceuticals by 105.8% during the second quarter. Wittenberg Investment Management Inc. now owns 253,752 shares of the biopharmaceutical company’s stock valued at $1,246,000 after buying an additional 130,441 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Merrimack Pharmaceuticals by 22.0% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 174,774 shares of the biopharmaceutical company’s stock valued at $858,000 after buying an additional 31,509 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Merrimack Pharmaceuticals by 30.0% during the second quarter. Millennium Management LLC now owns 170,906 shares of the biopharmaceutical company’s stock valued at $839,000 after buying an additional 39,402 shares during the last quarter. 46.86% of the stock is owned by institutional investors and hedge funds.

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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