Merrimack beats 3Q profit forecasts
CAMBRIDGE, Mass. (AP) _ Merrimack Pharmaceuticals Inc. (MACK) on Wednesday reported third-quarter net income of $3.1 million, after reporting a loss in the same period a year earlier.
The Cambridge, Massachusetts-based company said it had net income of 24 cents per share. Losses, adjusted to account for discontinued operations, were 40 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of $1.88 per share.
Merrimack shares have declined 71 percent since the beginning of the year. The stock has declined 78 percent in the last 12 months.