BTIG Says Merrimack Pharma's (MACK) ONIVYDE Script Data for August Strong; Affirms at 'Neutral'
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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.
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