BTIG Starts Merrimack Pharmaceuticals (MACK) at Neutral
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BTIG initiated coverage on Merrimack Pharmaceuticals (NASDAQ: MACK) with a Neutral rating.
Analyst Ling Wang said, "MACK’s lead compound, ONIVYDE, was approved in the US in post-gemcitabine metastatic pancreatic cancer. While we see ONIVYDE as having paradigm shift potential and significant expansion opportunities, we expect the sales ramp-up to be gradual in the current indication. Although MACK has strong fundamentals, with major data from ONIVYDE in front-line pancreatic cancer, MM-302 and MM-121 won’t be available until 2017 or beyond; we expect MACK shares to be range-bound."
Shares of Merrimack Pharmaceuticals closed at $5.01 yesterday.
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