Merrimack Pharmaceuticals Inc. (NASDAQ: MACK) is a biopharmaceutical company discovering, developing and preparing to commercialize innovative medicines paired with companion diagnostics for the treatment of cancer. Merrimack seeks to gain a deeper understanding of underlying cancer biology through its systems biology-based approach and develop new insights, therapeutics and diagnostics to improve outcomes for cancer patients. Merrimack has multiple oncology therapeutics in clinical development and additional candidates in late stage preclinical development.
Merrimack has a New Drug Application under review for its top drug MM-398, which was shown to treat pancreatic cancer in Phase 3 trials. Fully one-quarter of patients using the drug have survived, which is a high percentage when you consider that late-stage pancreatic cancer is almost always quickly lethal. JPMorgan likes the chances for approval and anticipates a strong product launch.
The JPMorgan price target is posted at $15, and the consensus target is $15.17.
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