Citigroup Initiates Coverage on Mersana Therapeutics (NASDAQ:MRSN)

Research analysts at Citigroup initiated coverage on shares of Mersana Therapeutics (NASDAQ:MRSN) in a research report issued on Friday. The brokerage set a “buy” rating and a $5.00 price target on the stock. Citigroup’s target price would indicate a potential upside of 126.24% from the company’s current price.

Several other equities analysts have also recently weighed in on MRSN. Lifesci Capital upgraded Mersana Therapeutics to a “strong-buy” rating in a research report on Monday, July 29th. Robert W. Baird reduced their target price on Mersana Therapeutics from $4.00 to $3.00 and set a “neutral” rating for the company in a report on Wednesday, August 14th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Mersana Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.00.

Mersana Therapeutics Stock Down 12.3 %

Mersana Therapeutics stock opened at $2.21 on Friday. The firm has a 50 day simple moving average of $2.03 and a 200 day simple moving average of $2.06. The company has a current ratio of 2.35, a quick ratio of 2.72 and a debt-to-equity ratio of 13.35. Mersana Therapeutics has a 1-year low of $1.22 and a 1-year high of $6.28.

Insiders Place Their Bets

In other Mersana Therapeutics news, CEO Martin H. Jr. Huber sold 50,423 shares of Mersana Therapeutics stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $1.76, for a total transaction of $88,744.48. Following the completion of the sale, the chief executive officer now directly owns 116,327 shares in the company, valued at $204,735.52. The trade was a 30.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 70,849 shares of company stock worth $129,184 in the last ninety days. 11.80% of the stock is currently owned by insiders.

Institutional Trading of Mersana Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. bought a new position in Mersana Therapeutics in the first quarter valued at $226,000. BNP Paribas Financial Markets boosted its holdings in shares of Mersana Therapeutics by 90.0% in the 1st quarter. BNP Paribas Financial Markets now owns 80,735 shares of the company’s stock worth $362,000 after purchasing an additional 38,239 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Mersana Therapeutics by 976.7% during the 1st quarter. Russell Investments Group Ltd. now owns 9,453 shares of the company’s stock valued at $42,000 after purchasing an additional 8,575 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Mersana Therapeutics by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 6,274,370 shares of the company’s stock valued at $28,109,000 after buying an additional 36,782 shares in the last quarter. Finally, Acadian Asset Management LLC raised its holdings in shares of Mersana Therapeutics by 166.7% during the 1st quarter. Acadian Asset Management LLC now owns 468,923 shares of the company’s stock valued at $2,099,000 after buying an additional 293,115 shares in the last quarter. Hedge funds and other institutional investors own 93.92% of the company’s stock.

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.