Merrimack Pharmaceuticals (MACK) PT Lowered to $4 at Baird as MM-121 Disappoints

Baird analyst Michael Ulz lowered the price target on Merrimack Pharmaceuticals (NASDAQ: MACK) to $4.00 (from $7.00) while maintaining a Neutral rating after the company's decision to discontinue the Phase 2 SHERLOC MM-121 study in non-small cell lung cancer (NSCLC) due to futility.

Ulz commented, "While disappointing, we were cautious heading into the data, and as a result, the company is conducting a pipeline review. We expect greater pipeline clarity on the 3Q18 earnings call (November 7) and would not be surprised by discontinuation of the ongoing SHERBOC study. We maintain our Neutral rating and remove MM-121 from our model, lowering price target to $4."

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