StockNews.com Begins Coverage on Merrimack Pharmaceuticals (NASDAQ:MACK)

Investment analysts at StockNews.com began coverage on shares of Merrimack Pharmaceuticals (NASDAQ:MACKGet Rating) in a note issued to investors on Monday. The brokerage set a “sell” rating on the biopharmaceutical company’s stock.

Merrimack Pharmaceuticals Stock Up 1.1 %

Shares of MACK opened at $12.42 on Monday. The stock has a 50 day moving average price of $5.18 and a 200 day moving average price of $5.12. The company has a market capitalization of $166.55 million, a price-to-earnings ratio of -112.91 and a beta of 1.32. Merrimack Pharmaceuticals has a 52-week low of $3.00 and a 52-week high of $13.66.

Hedge Funds Weigh In On Merrimack Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. boosted its holdings in Merrimack Pharmaceuticals by 228.5% in the third quarter. Point72 Asset Management L.P. now owns 1,100,994 shares of the biopharmaceutical company’s stock valued at $4,129,000 after purchasing an additional 765,886 shares in the last quarter. Goldman Sachs Group Inc. acquired a new stake in shares of Merrimack Pharmaceuticals in the second quarter valued at approximately $84,000. Western Standard LLC boosted its holdings in shares of Merrimack Pharmaceuticals by 8.3% in the second quarter. Western Standard LLC now owns 1,269,558 shares of the biopharmaceutical company’s stock valued at $7,554,000 after acquiring an additional 97,095 shares during the period. Yakira Capital Management Inc. boosted its holdings in shares of Merrimack Pharmaceuticals by 30.6% in the second quarter. Yakira Capital Management Inc. now owns 115,821 shares of the biopharmaceutical company’s stock valued at $689,000 after acquiring an additional 27,138 shares during the period. Finally, Sepio Capital LP boosted its holdings in shares of Merrimack Pharmaceuticals by 6.7% in the second quarter. Sepio Capital LP now owns 316,313 shares of the biopharmaceutical company’s stock valued at $1,882,000 after acquiring an additional 19,767 shares during the period. 64.37% of the stock is owned by institutional investors and hedge funds.

About Merrimack Pharmaceuticals

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

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