Merrimack Pharmaceuticals (MACK) shares have struggled ever since the approval of ONIVYDE in the U.S. On Monday, the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use  (CHMP) gave a positive opinion recommending approval of ONIVYDE for the treatment of patients with metastatic pancreatic adenocarcinoma  who have progressed after gemcitabine-based therapy. I believe that MACK remains significantly undervalued. Based on the outlook for ONIVYDE alone, MACK is trading more than 50% below its fair value. With catalysts coming up in early 2017, I believe that MACK is worth a look.