UPDATE: Oppenheimer Initiates Coverage on Merrimack Pharmaceuticals

According to a research report published this morning, Oppenheimer has initiated Merrimack Pharmaceuticals

with an Outperform rating and $12 PT. Oppenheimer said in the report, "With a novel network biology platform, MACK has developed a broad pipeline of antibody-based and nanotherapeutic cancer therapies. We view MM-121, an ErbB3 antibody, as the most promising. We believe ErbB3 inhibition has applicability in several cancers, and MACK, with partner SNY, is evaluating MM-121 in a comprehensive ph.II program. MM-398, a liposomal irinotecan, has shown strong ph.II pancreatic cancer results, and we see a good probability of ph.III success, mid-'13." Merrimack Pharmaceuticals is currently trading at $7.68.