Merrimack Pharmaceuticals Receives a Rating Update from a Top Analyst

In a report released today, Eric Schmidt from Cowen & Co. maintained a Hold rating on Merrimack Pharmaceuticals (NASDAQ: MACK). The company’s shares opened today at $8.52, close to its 52-week low of $7.37.

According to TipRanks.com, Schmidt is a top 25 analyst with an average return of 42.8% and a 60.9% success rate. Schmidt covers the Healthcare sector, focusing on stocks such as Adaptimmune Therapeutics, Alexion Pharmaceuticals, and Akcea Therapeutics Inc.

Merrimack Pharmaceuticals has an analyst consensus of Hold, with a price target consensus of $12.

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Based on Merrimack Pharmaceuticals’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $12.95 million. In comparison, last year the company had a GAAP net loss of $29.69 million.

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Merrimack Pharmaceuticals, Inc. engages in discovering, developing and preparing to commercialize innovative medicines consisting of novel therapeutics paired with diagnostics for the treatment of cancer. Its offers first commercial product, Onivyde, which is a novel encapsulation of the marketed chemotherapy drug irinotecan in liposomal formulation.