UPDATE: Bank of America Initiates Buy, $13 PO on Merrimack Pharmaceuticals - Merrimack Pharmaceuticals (NASDAQ:MACK)

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Bank of America initiated its coverage on Merrimack Pharmaceuticals (NASDAQ: 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.

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