Mersana Therapeutics (NASDAQ:MRSN) Downgraded to Hold Rating by Wedbush

Mersana Therapeutics (NASDAQ:MRSN) was downgraded by equities researchers at Wedbush from a “strong-buy” rating to a “hold” rating in a report issued on Thursday,Zacks.com reports.

Several other equities research analysts have also recently commented on MRSN. BTIG Research restated a “neutral” rating on shares of Mersana Therapeutics in a research note on Thursday. Truist Financial reiterated a “hold” rating and issued a $30.75 price target (down from $36.00) on shares of Mersana Therapeutics in a research note on Thursday. Wall Street Zen downgraded shares of Mersana Therapeutics to a “strong sell” rating in a research note on Saturday, August 2nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Mersana Therapeutics in a report on Wednesday, October 8th. Finally, Guggenheim decreased their price target on Mersana Therapeutics from $125.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, August 14th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $55.55.

Mersana Therapeutics Stock Performance

Shares of MRSN stock opened at $27.43 on Thursday. Mersana Therapeutics has a 52 week low of $5.21 and a 52 week high of $70.73. The company’s 50 day moving average price is $8.92 and its two-hundred day moving average price is $8.50. The company has a market capitalization of $136.88 million, a P/E ratio of -1.88 and a beta of 0.92.

Mersana Therapeutics (NASDAQ:MRSN) last announced its earnings results on Friday, November 14th. The company reported ($1.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.44) by ($0.07). The company had revenue of $11.01 million for the quarter, compared to analysts’ expectations of $14.20 million. Analysts forecast that Mersana Therapeutics will post -0.62 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Mackenzie Financial Corp acquired a new stake in Mersana Therapeutics during the 3rd quarter valued at $371,000. Invesco Ltd. increased its stake in shares of Mersana Therapeutics by 109.3% during the first quarter. Invesco Ltd. now owns 114,863 shares of the company’s stock worth $40,000 after purchasing an additional 59,991 shares during the period. JPMorgan Chase & Co. boosted its stake in Mersana Therapeutics by 156.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 130,094 shares of the company’s stock valued at $39,000 after purchasing an additional 79,390 shares during the period. Algert Global LLC increased its position in Mersana Therapeutics by 124.7% during the 1st quarter. Algert Global LLC now owns 135,013 shares of the company’s stock worth $46,000 after buying an additional 74,930 shares during the period. Finally, CWM LLC boosted its position in shares of Mersana Therapeutics by 102,580.6% in the first quarter. CWM LLC now owns 184,825 shares of the company’s stock valued at $64,000 after acquiring an additional 184,645 shares during the period. 93.92% of the stock is owned by institutional investors and hedge funds.

About Mersana Therapeutics

Mersana Therapeutics, Inc, a clinical stage biopharmaceutical company, develops antibody drug conjugates (ADC) for cancer patients with unmet needs. The company develops XMT-1660, a B7-H4-targeted Dolasynthen ADC candidate; and XMT-2056, an immunosynthen ADC. It has research and development collaborations with Janssen Biotech, Inc, Ares Trading SA, Merck KGaA, and Asana BioSciences, LLC for the development of ADC product candidates.