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Actionable news in MACK: Merrimack Pharmaceuticals, Inc.,

This Top Analyst Heads to Sidelines on Merrimack Pharmaceuticals Inc (MACK) as Onivyde Sales Misses Consensus

Merrimack Pharmaceuticals Inc (NASDAQ:MACK) shares are down over 8% this morning, after the cancer drug maker reported second-quarter results, with net Onivyde sales of $12.9 million missed consensus of $17 million. However, total revenue in 2Q16 was $33.7 million, meeting consensus of $33.4 million due to variations in collaboration revenue recognition.

Reacting was Cowen analyst Eric Schmidt, which downgraded Merrimack shares from Outperform to Market Perform. In addition, the analyst lowered his 2016-2020 Onivyde revenue projection from $100MM...