Mersana Therapeutics (NASDAQ:MRSN) Stock Price Down 5.3% - Here's What Happened

Key Points

• Shares of Mersana Therapeutics (NASDAQ:MRSN) dropped 5.3%, trading as low as $6.75 from a previous close of $7.70, with trading volume decreasing by 44% from the average session.
• Analysts have mixed opinions on Mersana, with a consensus rating of "Buy" and a price target of $130.00, while one analyst downgraded the stock.
• Mersana reported a quarterly loss of ($4.75) per share, which was better than expected, but revenue fell significantly short of analyst forecasts at $2.75 million.

Shares of Mersana Therapeutics, Inc. (NASDAQ:MRSN - Get Free Report) traded down 5.3% on Monday . The company traded as low as $6.75 and last traded at $7.29. 92,766 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 165,585 shares. The stock had previously closed at $7.70.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Wedbush reiterated an "outperform" rating and issued a $75.00 target price on shares of Mersana Therapeutics in a research note on Thursday, May 15th. William Blair reiterated an "outperform" rating on shares of Mersana Therapeutics in a research note on Tuesday, June 3rd. Truist Financial increased their target price on Mersana Therapeutics from $225.00 to $250.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Finally, Guggenheim reiterated a "buy" rating and issued a $125.00 target price on shares of Mersana Therapeutics in a research note on Friday, May 16th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Mersana Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $130.00.

Mersana Therapeutics Stock Down 3.9%

The stock has a market cap of $32.83 million, a PE ratio of -0.45 and a beta of 0.79. The firm has a 50 day moving average price of $8.56 and a 200 day moving average price of $10.56.

Mersana Therapeutics (NASDAQ:MRSN - Get Free Report) last announced its quarterly earnings results on Thursday, May 15th. The company reported ($4.75) EPS for the quarter, beating the consensus estimate of ($5.25) by $0.50. The firm had revenue of $2.75 million for the quarter, compared to analyst estimates of $6.05 million. Mersana Therapeutics had a negative return on equity of 990.16% and a negative net margin of 217.63%. Equities analysts forecast that Mersana Therapeutics, Inc. will post -0.62 earnings per share for the current year.

Hedge Funds Weigh In On Mersana Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Pallas Capital Advisors LLC purchased a new position in Mersana Therapeutics in the first quarter valued at about $33,000. Invesco Ltd. grew its stake in Mersana Therapeutics by 109.3% in the first quarter. Invesco Ltd. now owns 114,863 shares of the company's stock valued at $40,000 after purchasing an additional 59,991 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in Mersana Therapeutics in the first quarter valued at about $45,000. Algert Global LLC grew its stake in Mersana Therapeutics by 124.7% in the first quarter. Algert Global LLC now owns 135,013 shares of the company's stock valued at $46,000 after purchasing an additional 74,930 shares during the last quarter. Finally, CWM LLC grew its stake in 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 purchasing an additional 184,645 shares during the last quarter. Hedge funds and other institutional investors own 93.92% of the company's stock.

Mersana Therapeutics Company Profile

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.