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MACK

Merrimack

$4.90

-0.06 (-1.21%)

, SHPG

Shire

$185.79

-1.91 (-1.02%)

11:07
10/18/16
10/18
11:07
10/18/16
11:07

Merrimack, Shire trade higher after EC grants MA for cancer treatment Onivyde

Shares of Merrimack Pharmaceuticals (MACK), a biopharmaceutical company that focuses on drugs to treat cancer, are higher in morning trading after PharmaEngine announced that the European Commission, or EC, granted Shire (SHPG), its sublicensee for Onivyde, a marketing authorization for the cancer treatment. WHAT'S NOTABLE: Onivyde, used in combination with 5-fluorouracil and leucovorin as a treatment for pancreatic cancer, was originally developed by Merrimack. Shire is responsible for development and marketing of the drug outside the United States and Taiwan and Merrimack markets Onivyde in the U.S. after the U.S. Food and Drug Administration approved it in October 2015. "We appreciate the joint team efforts from Merrimack and their licensee, Shire, for having submitted the Marketing Authorization Application to the EMA in May 2015, and successfully obtained the marketing approval," said C. Grace Yeh, Ph.D., President and CEO of PharmaEngine. "We are excited that Onivyde will now be available to treat the post-gemcitabine pancreatic cancer patients in the EU, which is one of the major markets that we licensed to Merrimack." PRICE ACTION: In morning trading, Merrimack Pharmaceuticals is up 4.5% to $5.12, while Shire is up 2.35% to $190.16.

MACK

Merrimack

$4.90

-0.06 (-1.21%)

SHPG

Shire

$185.79

-1.91 (-1.02%)

  • 26

    Oct

MACK Merrimack
$4.90

-0.06 (-1.21%)

08/05/16
BMUR
08/05/16
NO CHANGE
Target $13
BMUR
Buy
Merrimack price target lowered to $13 from $16 at Brean Capital
Brean Capital lowered its price target on Merrimack to $13 from $16 following Q2 results. The firm cited the sales miss on Onivyde, although they are encouraged by its early launch. Brean Capital reiterated its Buy rating on Merrimack shares.
08/05/16
COWN
08/05/16
DOWNGRADE
COWN
Market Perform
Merrimack downgraded to Market Perform from Outperform at Cowen
08/19/16
BTIG
08/19/16
INITIATION
BTIG
Neutral
Merrimack initiated with a Neutral at BTIG
BTIG analyst Ling Wang initiated Merrimack with a Neutral as he expects shares to be range-bound given the likely slow ramp-up of ONIVYDE and data from MM-302 and MM-121 won't be available until 2017 or beyond;
10/07/16
JPMS
10/07/16
DOWNGRADE
Target $7
JPMS
Neutral
Merrimack downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Anupam Rama downgraded Merrimack Pharmaceuticals to Neutral saying the shares are likely to be range-bound after rallying 36% from the 52-week low on September 20. Key pipeline catalysts aren't likely until Q2 of 2017 and beyond while 2016 estimates are not "meaningfully beatable," Rama tells investors in a research note. He lowered his price target for the shares to $7 from $8.
SHPG Shire
$185.79

-1.91 (-1.02%)

08/03/16
LEER
08/03/16
NO CHANGE
Target $231
LEER
Outperform
Shire price target raised to $231 from $213 at Leerink
Leerink analyst Jason Gerberry raised his price target for Shire to $231 from $213 on valuation after the company reported "solid" Q2 results. The analyst reiterates an Outperform rating on the shares.
08/31/16
JEFF
08/31/16
NO CHANGE
Target $262
JEFF
Buy
Shire making right moves in dry eye market, says Jefferies
After hosting meetings with management, Jefferies analyst David Steinberg believes Shire (SHPG) is making "all the right moves" to make its dry eye drug Xiidra a potential $2B peak product in the U.S. Shire's Xiidra is competing with Allergan's (AGN) $1.4B dry eye drug Restasis, Steinberg tells investors in a research note. The analyst does not think Shire will have any problem exceeding the drug's consensus sales forecast of $200M for next year. He keeps a Buy rating on the shares with a $262 price target.
09/26/16
HSBC
09/26/16
DOWNGRADE
HSBC
Hold
Shire downgraded to Hold from Buy at HSBC
HSBC analyst Steve McGarry downgraded SHire to Hold saying valuation is no longer compelling.
09/26/16
LEER
09/26/16
NO CHANGE
LEER
Shire Xiidra launch to 'significantly' expand dry eye category, says Leerink
Leerink analyst Jason Gerberry remains optimistic that Shire's (SHPG) Xiidra launch will "significantly" expand the category for dry eye disease brands, while not meaningfully eroding Allergan's (AGN) Restasis market leading position. While it's still early in the launch of Xiidra and payer access remains a critical variable, the analyst does not anticipate access being a major barrier. Gerberry reiterates an Outperform rating on both Shire and Allergan's shares.

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