Merrimack Pharmaceuticals Inc (MACK) reported quarterly earnings results on Monday, May-2-2016. The company said it had a profit of $-0.33 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.05. Analysts had a consensus of $-0.38. The company posted revenue of $21.28 million in the period, compared to analysts expectations of $24.16 million. The company’s revenue was up 43.4% compared to the same quarter last year.
Merrimack Pharmaceuticals Inc closed down -0.13 points or -1.77% at $7.21 with 18,60,396 shares getting traded on Wednesday. Post opening the session at $7.29, the shares hit an intraday low of $7.08 and an intraday high of $7.33 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.
In a different news, on Mar 21, 2016, Michael E Porter (director) purchased 5,000 shares at $7.20 per share price. According to the SEC, on Mar 1, 2016, William M. Mcclements (Head of Corporate Operations) purchased 2,000 shares at $5.72 per share price. On Feb 29, 2016, Vivian S Lee (director) purchased 35,000 shares at $5.50 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.