BTIG Affirms Merrimack Pharma (MACK) at 'Neutral' Amid Restructuring Plans
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BTIG affirms Merrimack Pharma (Nasdaq: MACK) with a Neutral rating following news that the company is undertaking a corporate restructuring.
BTIG commented late Monday,
MACK announced a major corporate restructuring that cuts headcount by 22% and reduces $200M+ in expected expenses over the next 2 years. In conjunction with the resignation of President and CEO Robert Mulroy, Gary Crocker, Chairman of the Board, was appointed interim President and CEO, and the Board will initiate a CEO search. The restructuring allows MACK to prioritize its focus on key systems biology-derived oncology products, and to strengthen its cash runway. MACK expects its cash resource to be sufficient to fund operations for at least the next 12 months.
BTIG also announced changes to its model on Merrimack:
Our new EPS estimates for 2016 and 2017 are ($1.21) and ($0.73), respectively, as we factor in the restructuring costs and 2017 expense guidance.
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