Merrimack Pharmaceuticals (MACK) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Merrimack Pharmaceuticals (NASDAQ:MACK) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

According to Zacks, “Merrimack missed estimates for earnings in the first quarter. Moreover, the company did not generate any revenues. With the sale of Onivyde, Merrimack is back to being a development-stage biopharmaceutical company. Hence, the successful development of the three lead candidates in its pipeline is critical for Merrimack’s growth. Moreover, two of the candidates, MM-121 and MM-141, are still being evaluated in phase II studies while the third candidate, MM-310 is in a phase I study. Also, shares of the company have underperformed the industry year to date. However, the cash received from Ipsen was used to pay down the huge debt and return value to shareholders in the form of dividends. Moreover, the company also invested part of the proceeds to develop its streamlined oncology pipeline. Shares of the company have underperformed the industry so far this year.”

Separately, Robert W. Baird reiterated a hold rating and issued a $12.00 target price on shares of Merrimack Pharmaceuticals in a report on Thursday, March 15th.

Shares of Merrimack Pharmaceuticals opened at $8.76 on Tuesday, according to MarketBeat Ratings. Merrimack Pharmaceuticals has a 12-month low of $7.36 and a 12-month high of $35.80. The firm has a market capitalization of $117.82 million, a P/E ratio of -1.55 and a beta of 1.83.

Merrimack Pharmaceuticals (NASDAQ:MACK) last issued its earnings results on Monday, March 12th. The biopharmaceutical company reported ($0.89) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.27) by $0.38. analysts predict that Merrimack Pharmaceuticals will post -4.66 earnings per share for the current year.

Institutional investors and hedge funds have recently modified their holdings of the stock. Jane Street Group LLC bought a new position in shares of Merrimack Pharmaceuticals in the 4th quarter worth $107,000. Spark Investment Management LLC bought a new position in shares of Merrimack Pharmaceuticals in the 4th quarter worth $109,000. Virtu Financial LLC bought a new position in shares of Merrimack Pharmaceuticals in the 4th quarter worth $115,000. Wells Fargo & Company MN lifted its stake in Merrimack Pharmaceuticals by 43.9% during the 4th quarter. Wells Fargo & Company MN now owns 18,287 shares of the biopharmaceutical company’s stock valued at $187,000 after acquiring an additional 5,581 shares in the last quarter. Finally, Stonebridge Capital Management Inc. bought a new position in Merrimack Pharmaceuticals during the 4th quarter valued at $200,000. Institutional investors own 53.90% 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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