Brean Murray Carret & Co. Starts Merrimack Pharmaceuticals (MACK) at Buy, MM-398 and More...

Brean Murray Carret & Co. initiates coverage on Merrimack Pharmaceuticals (NASDAQ: MACK) with a Buy. PT $12.00.

"Our current valuation is based on MM-398 (nanoencapsulated irinotecan), which is only one of five broadly diverse clinical stage candidates MACK is currently developing," the analyst notes. "MM-398 is currently being evaluated in the pivotal Phase III trial (NAPOLI-1) as a treatment for 2nd line pancreatic cancer and is in earlier stage development for other tumor types. We expect MM-398 to launch in 2015, with global peak sales in pancreatic cancer alone reaching $800M. MACK’s sophisticated Network Biology based drug development technology has led to the advancement of 5 additional drug candidates in early clincical testing. MACK has out-licensed one of these to Sanofi in a deal that we believe validates the company’s proprietary development capabilities. MACK will present Phase I data for MM-121 (breast cancer) and MM-111 (advanced HER-2 positive cancer) data next week at the ESMO conference in Vienna. However, we expect investors to be mainly focused on the progress of NAPOLI-1 over the near term."

For an analyst ratings summary and ratings history on Merrimack Pharmaceuticals click here. For more ratings news on Merrimack Pharmaceuticals click here.

Shares of Merrimack Pharmaceuticals closed at $9.17 yesterday.

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