Brean Capital Reiterates Buy On Merrimack On The Back Of Pipeline Update


In a research report issued today, Brean Capital analyst Jonathan Aschoff reiterated a Buy rating on Merrimack Pharmaceuticals (NASDAQ:MACK) with a $16 price target, following the company’s presentation of┬ábiomarker analyses of MM-151, MM-111, and MM-121 as well as updated safety and efficacy data from the company’s Phase 1 trial of MM-151.

Aschoff wrote, “A total of 79 patients were enrolled on 3 monotherapy schedules (QW, Q2W, or Q3W) and 10 patients were enrolled on a QW schedule in combination with irinotecan (180mg/ m2 Q2W) at escalating doses. In the monotherapy cohorts, 3 PRs were observed in advanced CRC patients, and 7 (24% of mCRC) patients had SD for > 4 months. The QW monotherapy recommended Phase 2 dose was declared as 10.5mg/kg. In the combination cohorts, 3 PRs were observed (CRC, melanoma and HNSCC). For MM-111 in Phase 1 for advanced HER2+ solid tumors, five biomarkers were assessed in archived tumor tissue from 71 of 86 treated patients, including HER2, HER3, as well as HRG, betacellulin, and EGF receptor, with all 5 HER2 assessments correlating well with traditional HercepTest scoring. In the Phase 1 trial with MM-111, 47/86 (55%) patients achieved a best overall response of CR (1/86, 1.1%), PR (17/86, 20%), or SD (29/86, 34%), and AEs for MM-111 in combination with anti-cancer therapies were similar to AEs for the standard of care combinations. A Phase 2 trial with MM-111 is ongoing with top-line results expected in 2015.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jonathan Aschoff has a total average return of 14.0% and a 55.4% success rate. Aschoff has a 10.2% average return when recommending MACK, and is ranked #202 out of 3309 analysts.

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