BTIG Remains Neutral on Merrimack Pharma (MACK) Following Q3 Report, Restructuring
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BTIG affirms Merrimack Pharma (Nasdaq: MACK) at Neutral following Q3 results and announced restructuring.
Analyst Ling Wang commented,
Q16 ONIVYDE net revenues of $14.5M slightly missed consensus ($16.6M) and our estimate ($16.7M). It ended 3Q16 with cash & equivalents of $48.5M. Management provided updated 2016 and 2017 expense guidance and guided cash runway into 2018. Recall, MACK recently announced a major corporate restructuring; it is now in the middle of a firmwide strategic review of its pipelines (expects to be completed by YE16). We view the effort to prioritize projects and contain expenses as positive, but we remain on the sidelines and wait for further clarity on the key pipeline programs going forward.
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