UPDATE: Bank of America Initiates Buy, $13 PO on Merrimack Pharmaceuticals

Loading...
Loading...
Bank of America initiated its coverage on Merrimack Pharmaceuticals
MACK
with a Buy rating and a price objective of $13 a share on the company's novel drug platform. Bank of America noted, "Merrimack is a currently loss-making biotech company with an unusually large, early-stage oncology pipeline resulting from its unique “Network Biology” technology platform. Our Buy rating is based on our positive outlook for the first validation of MACK's technology expected in 1H13, when randomized P2 studies for the company and partner Sanofi-Aventis' cancer drug MM-121 report data. We are less enamored with MACK's most advanced drug MM-398, and do not view positive P3 data (mid 2014 est.) as core to our investment thesis." Merrimack Pharmaceuticals closed at $7.55 on Thursday.
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorInitiationPre-Market OutlookAnalyst RatingsBank of America
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...