Citigroup Initiates Coverage on Mersana Therapeutics (NASDAQ:MRSN)

Investment analysts at Citigroup assumed coverage on shares of Mersana Therapeutics (NASDAQ:MRSN) in a research note issued to investors on Friday. The brokerage set a “buy” rating and a $5.00 price target on the stock. Citigroup’s target price would suggest a potential upside of 126.24% from the stock’s previous close.

A number of other brokerages have also recently issued reports on MRSN. Lifesci Capital upgraded Mersana Therapeutics to a “strong-buy” rating in a report on Monday, July 29th. Robert W. Baird reduced their price objective on shares of Mersana Therapeutics from $4.00 to $3.00 and set a “neutral” rating for the company in a report on Wednesday, August 14th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $6.00.

Mersana Therapeutics Stock Performance

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

Insider Transactions at Mersana Therapeutics

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 transaction, the chief executive officer now owns 116,327 shares of the company’s stock, valued at $204,735.52. This trade represents a 30.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 70,849 shares of company stock worth $129,184 in the last quarter. 11.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Mersana Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Verition Fund Management LLC grew its stake in Mersana Therapeutics by 11,695.2% in the 3rd quarter. Verition Fund Management LLC now owns 1,303,249 shares of the company’s stock valued at $2,463,000 after purchasing an additional 1,292,200 shares during the period. Jacobs Levy Equity Management Inc. grew its position in Mersana Therapeutics by 104.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 993,046 shares of the company’s stock valued at $1,877,000 after buying an additional 507,453 shares during the period. HealthInvest Partners AB increased its holdings in Mersana Therapeutics by 191.3% during the third quarter. HealthInvest Partners AB now owns 538,621 shares of the company’s stock worth $1,018,000 after buying an additional 353,721 shares during the last quarter. Acadian Asset Management LLC raised its position in Mersana Therapeutics by 166.7% in the first quarter. Acadian Asset Management LLC now owns 468,923 shares of the company’s stock worth $2,099,000 after acquiring an additional 293,115 shares during the period. Finally, Squarepoint Ops LLC purchased a new position in Mersana Therapeutics in the second quarter valued at about $508,000. 93.92% of the stock is owned by hedge funds and other institutional investors.

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.