Merrimack Pharmaceuticals Inc (MACK) was Downgraded by JP Morgan to ” Neutral”. Earlier the firm had a rating of “Overweight ” on the company shares. JP Morgan advised their investors in a research report released on Oct 7, 2016.
On the company’s financial health, Merrimack Pharmaceuticals Inc reported $-0.40 EPS for the quarter, missing the analyst consensus estimate by $ -0.04 based on the information available during the earnings call on Aug 4, 2016. Analyst had a consensus of $-0.36. The company had revenue of $33.68 million for the quarter, compared to analysts expectations of $30.98 million. The company’s revenue was up 58.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.33 EPS.
Merrimack Pharmaceuticals Inc closed down -0.08 points or -1.32% at $5.96 with 49,95,012 shares getting traded on Tuesday. Post opening the session at $6.09, the shares hit an intraday low of $5.91 and an intraday high of $6.225 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.
In a different news, on Jul 27, 2016, Birgit M. Schoeberl (Head of Discovery) sold 50,000 shares at $5.50 per share price. According to the SEC, 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 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.