JP Morgan Maintains Merrimack Pharmaceuticals Inc to Overweight with Price Target $8.00

Brokerage firm JP Morgan Maintains its rating on Merrimack Pharmaceuticals Inc(NASDAQ:MACK). In a research note issued to the investors, the brokerage major Lowers the price-target to $8.00 per share. The shares have been rated Overweight. The rating by JP Morgan was issued on Aug 5, 2016.

In a different note, Baird said it Initiates Coverage on Merrimack Pharmaceuticals Inc, according to a research note issued on May 26, 2016. The shares have been rated ‘Neutral’ by the firm.

Merrimack Pharmaceuticals Inc (MACK) shares turned negative on Wednesdays trading session with the shares closing down -0.19 points or -3.73% at a volume of 24,07,360. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $5.12. The peak price level was also seen at $5.12 while the days lowest was $4.88. Finally the shares closed at $4.91. The 52-week high of the shares is $11 while the 52-week low is $4.88. According to the latest information available, the market cap of the company is $635 M.

Merrimack Pharmaceuticals Inc(MACK) last announced its earnings results on Aug 4, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $33.68M. Analysts had an estimated revenue of $33.35M. Earnings per share were $-0.40. Analysts had estimated an EPS of $-0.27.

Several Insider Transactions has been reported to the SEC. On Jul 27, 2016, Birgit M. Schoeberl (Head of Discovery) sold 50,000 shares at $5.50 per share price.Also, On Mar 21, 2016, Michael E Porter (director) purchased 5,000 shares at $7.20 per share price.On Mar 1, 2016, William M. Mcclements (Head of Corporate Operations) purchased 2,000 shares at $5.72 per share price, according to the Form-4 filing with the securities and exchange commission.

Merrimack Pharmaceuticals Inc. is a biopharmaceutical company discovering developing and preparing to commercialize medicines consisting of therapeutics paired with companion diagnostics for the treatment of cancer. The Company has six targeted therapeutic oncology candidates in clinical development (MM-398 MM-302 MM-121 MM-111 MM-151 and MM-141). The Company’s most advanced program is its investigational agent MM-398. The Company also has multiple product candidates in preclinical development and a discovery effort advancing additional candidate medicines. The Company has an agreement to utilize its manufacturing know-how to develop manufacture and exclusively supply bulk drug to a third party who processes the drug into a finished product and commercializes it globally. The Company is also developing in vitro and in vivo companion diagnostics for use with each of its oncology therapeutic product candidates.

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