Mersana Therapeutics, Inc. (NASDAQ:MRSN) Short Interest Up 22.3% in March

Mersana Therapeutics, Inc. (NASDAQ:MRSN - Get Free Report) saw a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 8,730,000 shares, a growth of 22.3% from the February 29th total of 7,140,000 shares. Based on an average trading volume of 2,290,000 shares, the days-to-cover ratio is currently 3.8 days.

Mersana Therapeutics Stock Performance

Shares of NASDAQ:MRSN traded down $0.06 during midday trading on Monday, hitting $4.42. The stock had a trading volume of 2,302,646 shares, compared to its average volume of 2,361,844. Mersana Therapeutics has a 1 year low of $0.80 and a 1 year high of $9.62. The company has a current ratio of 3.36, a quick ratio of 3.36 and a debt-to-equity ratio of 0.63. The stock has a 50 day moving average price of $4.31 and a two-hundred day moving average price of $2.65. The company has a market capitalization of $536.15 million, a PE ratio of -2.95 and a beta of 1.50.

Mersana Therapeutics (NASDAQ:MRSN - Get Free Report) last released its earnings results on Wednesday, February 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.16). Mersana Therapeutics had a negative return on equity of 282.36% and a negative net margin of 465.80%. The company had revenue of $10.70 million for the quarter, compared to analysts' expectations of $22.59 million. During the same quarter in the previous year, the firm posted ($0.44) EPS. The firm's quarterly revenue was down 27.1% on a year-over-year basis. As a group, equities analysts predict that Mersana Therapeutics will post -0.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MRSN has been the subject of a number of research reports. BTIG Research raised shares of Mersana Therapeutics from a "neutral" rating to a "buy" rating and set a $6.00 price target for the company in a research report on Thursday, February 29th. Wedbush upgraded Mersana Therapeutics from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $2.00 to $7.00 in a research note on Thursday, February 29th. Truist Financial raised Mersana Therapeutics from a "hold" rating to a "buy" rating and set a $9.00 price objective for the company in a report on Thursday, February 29th. Guggenheim raised shares of Mersana Therapeutics from a "neutral" rating to a "buy" rating and set a $7.00 target price on the stock in a report on Thursday, February 29th. Finally, Robert W. Baird increased their price target on shares of Mersana Therapeutics from $1.00 to $5.00 and gave the stock a "neutral" rating in a research note on Thursday, February 29th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $6.29.

Insider Buying and Selling

In other Mersana Therapeutics news, CFO Brian Deschuytner sold 9,327 shares of the stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $2.71, for a total value of $25,276.17. Following the sale, the chief financial officer now directly owns 54,511 shares of the company's stock, valued at approximately $147,724.81. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Anna Protopapas sold 29,399 shares of the business's stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $2.71, for a total transaction of $79,671.29. Following the completion of the sale, the director now owns 125,153 shares in the company, valued at $339,164.63. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Brian Deschuytner sold 9,327 shares of the stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $2.71, for a total transaction of $25,276.17. Following the completion of the transaction, the chief financial officer now owns 54,511 shares in the company, valued at $147,724.81. The disclosure for this sale can be found here. Insiders sold 47,108 shares of company stock worth $127,663 over the last 90 days. 12.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Mersana Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in MRSN. Metropolitan Life Insurance Co NY boosted its stake in shares of Mersana Therapeutics by 36.8% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 6,508 shares of the company's stock worth $38,000 after acquiring an additional 1,750 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Mersana Therapeutics in the first quarter valued at $37,000. Point72 Middle East FZE acquired a new position in shares of Mersana Therapeutics during the 4th quarter worth $56,000. Sphera Funds Management LTD. purchased a new stake in shares of Mersana Therapeutics in the 1st quarter worth about $44,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Mersana Therapeutics in the 2nd quarter valued at about $38,000. 93.92% of the stock is owned by institutional investors and hedge funds.

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.

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