BTIG Says Merrimack Pharma's (MACK) ONIVYDE Script Data for August Strong; Affirms at 'Neutral'
- Dow, S&P 500 surge to highs; transports set record
- Unusual 11 Mid-Day Movers 12/7: (ANTH) (EMKR) (PLAY) Higher; (SIGM) (OHAI) (FTK) Lower
- Abbott (ABT) Files Complaint to Terminate Alere (ALR) Acquisition
- Western Digital (WDC) Raises Q2 Outlook
- Biotech, Pharma Stocks Weaker Amid Trump Comments on Lower Drug Prices
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
BTIG affirms Merrimack Pharmaceuticals (Nasdaq: MACK) at Neutral following a strong Thursday move.
The firm commented on the trading action:
MACK shares had a strong move up today (~21%), potentially driven by the strong ONIVYDE script data for August released by the Symphony database (provided by Bloomberg) yesterday. Per Symphony, August ONIVYDE gross sales were $6.1M, a 26% month-over-month growth over July sales of $4.8M. Even adjusted for the number of business days (20 business days in July vs. 23 business days in August), the growth rate for August is still very impressive at ~23%. Since ONIVYDE is still fairly early in the launch period, one would expect month-to-month variations. Therefore, it is still challenging to predict the sales trajectory. Recall, MACK has recently taken actions to optimize the effort in marketing ONIVYDE. The strong growth in August could be a reflection of a combination of improved awareness and penetration of ONIVYDE, which may translate into new patients-add and longer treatment duration.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Seaport Global Securities Starts Beacon Roofing Supply (BECN) at Buy
- Deutsche Bank Downgrades MGM Growth Properties (MGP) to Hold
- MoffettNathanson Downgrades AMC Networks (AMCX) to Sell
Create E-mail Alert Related CategoriesAnalyst Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!