Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) Sees Significant Decrease in Short Interest

Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK – Get Rating) was the target of a significant drop in short interest in the month of April. As of April 30th, there was short interest totalling 789,600 shares, a drop of 12.7% from the April 15th total of 904,700 shares. Based on an average daily trading volume, of 80,200 shares, the short-interest ratio is currently 9.8 days. Currently, 6.0% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of Merrimack Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday.

Insider Transactions at Merrimack Pharmaceuticals

In other news, Director Eric Andersen bought 160,590 shares of the company’s stock in a transaction on Tuesday, March 21st. The stock was bought at an average cost of $11.52 per share, with a total value of $1,849,996.80. Following the transaction, the director now directly owns 1,412,044 shares in the company, valued at approximately $16,266,746.88. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 25.80% of the company’s stock.

Institutional Trading of Merrimack Pharmaceuticals

A number of institutional investors have recently modified their holdings of MACK. UBS Group AG increased its holdings in Merrimack Pharmaceuticals by 303.6% in the first quarter. UBS Group AG now owns 3,128 shares of the biopharmaceutical company’s stock valued at $38,000 after buying an additional 2,353 shares in the last quarter. Barclays PLC raised its holdings in Merrimack Pharmaceuticals by 3,928.1% during the first quarter. Barclays PLC now owns 5,438 shares of the biopharmaceutical company’s stock worth $67,000 after purchasing an additional 5,303 shares during the last quarter. Morgan Stanley boosted its position in Merrimack Pharmaceuticals by 40.7% during the fourth quarter. Morgan Stanley now owns 9,163 shares of the biopharmaceutical company’s stock worth $105,000 after purchasing an additional 2,649 shares in the last quarter. Goldman Sachs Group Inc. acquired a new stake in Merrimack Pharmaceuticals in the second quarter valued at $84,000. Finally, Millennium Management LLC purchased a new position in shares of Merrimack Pharmaceuticals in the fourth quarter valued at $195,000. 59.74% of the stock is currently owned by hedge funds and other institutional investors.

Merrimack Pharmaceuticals Stock Performance

Shares of Merrimack Pharmaceuticals stock opened at $12.77 on Tuesday. The company has a market capitalization of $182.10 million, a P/E ratio of -106.42 and a beta of 1.84. Merrimack Pharmaceuticals has a 1 year low of $3.00 and a 1 year high of $13.66. The company’s fifty day moving average is $12.25 and its two-hundred day moving average is $11.44.

Merrimack Pharmaceuticals (NASDAQ:MACK – Get Rating) last released its earnings results on Thursday, March 9th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter.

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.