Merrimack Pharmaceuticals (NASDAQ:MACK) Research Coverage Started at StockNews.com

StockNews.com started coverage on shares of Merrimack Pharmaceuticals (NASDAQ:MACKGet Rating) in a note issued to investors on Tuesday. The firm set a “sell” rating on the biopharmaceutical company’s stock.

Shares of Merrimack Pharmaceuticals stock opened at $5.99 on Tuesday. The business has a 50-day moving average price of $6.28 and a two-hundred day moving average price of $5.09. Merrimack Pharmaceuticals has a 1-year low of $3.66 and a 1-year high of $7.97. The company has a market cap of $80.33 million, a P/E ratio of -33.28 and a beta of 1.74.

Merrimack Pharmaceuticals (NASDAQ:MACKGet Rating) last posted its quarterly earnings results on Wednesday, March 9th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter.

In related news, insider Gary L. Crocker acquired 5,000 shares of the stock in a transaction on Monday, March 28th. The stock was acquired at an average cost of $6.16 per share, for a total transaction of $30,800.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gary L. Crocker bought 7,105 shares of the stock in a transaction dated Monday, January 24th. The shares were acquired at an average price of $4.33 per share, with a total value of $30,764.65. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 75,781 shares of company stock worth $371,676. Company insiders own 23.90% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Point72 Asset Management L.P. lifted its stake in shares of Merrimack Pharmaceuticals by 63.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 341,685 shares of the biopharmaceutical company’s stock valued at $1,650,000 after buying an additional 132,122 shares in the last quarter. BlackRock Inc. grew its holdings in Merrimack Pharmaceuticals by 0.8% during the 4th quarter. BlackRock Inc. now owns 212,663 shares of the biopharmaceutical company’s stock valued at $832,000 after purchasing an additional 1,612 shares during the last quarter. Yakira Capital Management Inc. grew its holdings in Merrimack Pharmaceuticals by 21.1% during the 4th quarter. Yakira Capital Management Inc. now owns 73,450 shares of the biopharmaceutical company’s stock valued at $287,000 after purchasing an additional 12,816 shares during the last quarter. Radnor Capital Management LLC bought a new position in Merrimack Pharmaceuticals during the 4th quarter valued at about $52,000. Finally, Morgan Stanley grew its stake in Merrimack Pharmaceuticals by 87.8% in the 2nd quarter. Morgan Stanley now owns 11,161 shares of the biopharmaceutical company’s stock worth $72,000 after acquiring an additional 5,218 shares in the last quarter. 57.37% of the stock is owned by hedge funds and other institutional investors.

About Merrimack Pharmaceuticals (Get Rating)

Merrimack Pharmaceuticals, Inc operates as a biopharmaceutical company. The company was incorporated in 1993 and is headquartered in Cambridge, Massachusetts.

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