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Cantor Reiterates Buy On Merrimack Pharmaceuticals Following 4Q14 Update


In a research report issued today, Cantor analyst Daniel Brims reiterated a Buy rating on Merrimack Pharmaceuticals (NASDAQ:MACK) with a $16 price target, following the company’s fourth-quarter financial results and update on its pipeline.

The following bullets contain some highlights from Brims’ report:

  • MM-398 NDA Filing Remains On Track for 1H:15 – Validation of the new assay has pushed NDA submission out to late 1Q:15/early 2Q:15, and we remain confident that on the strength of the phase 3 NAPOLI-1 trial in second line pancreatic cancer and with priority review, MM-398 will be approved and launched by YE:15.
  • Phase 2 Trial of MM-111 in Gastric Cancer Halted by DSMB – At this time, MACK has discontinued MM-111 development internally, but we believe the company would be open to partnering this asset.
  • Financial Position – MACK ended the quarter with $124M in cash and equivalence, which we believe will fund operations into 2016.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Daniel Brims has a total average return of 25.4% and a 66.7% success rate. Brims has a 33.3% average return when recommending MACK, and is ranked #512 out of 3483 analysts.

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