Analyst Price Target Update on Merrimack Pharmaceuticals (NASDAQ:MACK)

Merrimack Pharmaceuticals (NASDAQ:MACK): 2 Brokerage firm Analysts have agreed with the mean estimate for the short term price target of $12 in Merrimack Pharmaceuticals (NASDAQ:MACK). However, the stock price could fluctuate by $ 5.66 from the estimate as it is suggested by the standard deviation reading. The higher estimate has been put at $16 price target with the lower price estimate is calculated at $8

Many analysts have stated their opinion on the company shares. Baird initiates coverage on Merrimack Pharmaceuticals (NASDAQ:MACK).The analysts at the brokerage house have a current rating of Neutral on the shares. The rating by the firm was issued on May 26, 2016. For the current week, the company shares have a recommendation consensus of Buy.

On the companys insider trading activities, Porter Michael E, director of Merrimack Pharmaceuticals Inc had purchased 5,000 shares on March 17, 2016 in a transaction. The price per share was $7.2 and the total amount of the disclosed transaction was $36,000.The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing. This information is based on open market transaction at the market prices.

Merrimack Pharmaceuticals (NASDAQ:MACK) stock ended Monday session in the red zone in a volatile trading. The stock closed down 0.05 points or 0.79% at $6.27 with 1,341,584 shares getting traded. Post opening the session at $6.29, the shares hit an intraday low of $6.26 and an intraday high of $6.635 and the price was in this range throughout the day. The company has a market cap of $801 million and the number of outstanding shares have been calculated to be 127,725,130 shares. The 52-week high of Merrimack Pharmaceuticals (NASDAQ:MACK) is $13 and the 52-week low is $5.02.

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 Companys 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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