Merrimack Pharmaceuticals (NASDAQ:MACK) Raised to “Buy” at ValuEngine

ValuEngine upgraded shares of Merrimack Pharmaceuticals (NASDAQ:MACK) from a hold rating to a buy rating in a research note published on Wednesday, June 26th, ValuEngine reports.

Shares of MACK stock traded down $0.02 during trading hours on Wednesday, hitting $5.41. The company’s stock had a trading volume of 1,129 shares, compared to its average volume of 46,589. The company has a debt-to-equity ratio of 0.28, a current ratio of 5.39 and a quick ratio of 5.39. The stock has a 50 day simple moving average of $5.78. Merrimack Pharmaceuticals has a 12-month low of $3.34 and a 12-month high of $7.50.

Merrimack Pharmaceuticals (NASDAQ:MACK) last posted its earnings results on Friday, May 10th. The biopharmaceutical company reported ($0.78) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.92) by $0.14.

In related news, insider Jfl Capital Management, Llc acquired 23,564 shares of Merrimack Pharmaceuticals stock in a transaction on Friday, June 28th. The stock was bought at an average cost of $5.95 per share, for a total transaction of $140,205.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have acquired 73,952 shares of company stock valued at $438,482 over the last 90 days. 9.47% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of MACK. D. E. Shaw & Co. Inc. raised its position in Merrimack Pharmaceuticals by 78.1% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 55,124 shares of the biopharmaceutical company’s stock worth $213,000 after purchasing an additional 24,173 shares during the last quarter. Two Sigma Investments LP raised its position in Merrimack Pharmaceuticals by 28.7% during the 4th quarter. Two Sigma Investments LP now owns 72,877 shares of the biopharmaceutical company’s stock worth $281,000 after purchasing an additional 16,254 shares during the last quarter. Northern Trust Corp raised its position in Merrimack Pharmaceuticals by 20.5% during the 4th quarter. Northern Trust Corp now owns 60,417 shares of the biopharmaceutical company’s stock worth $233,000 after purchasing an additional 10,263 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Merrimack Pharmaceuticals during the 4th quarter worth $70,000. Finally, BlackRock Inc. raised its position in Merrimack Pharmaceuticals by 0.8% during the 4th quarter. BlackRock Inc. now owns 256,175 shares of the biopharmaceutical company’s stock worth $989,000 after purchasing an additional 1,957 shares during the last quarter. Institutional investors and hedge funds own 40.71% of the company’s stock.

Merrimack Pharmaceuticals Company Profile

Merrimack Pharmaceuticals, Inc operates as a clinical stage biopharmaceutical company that targets biomarker-defined cancers. The company is developing MM-310, an antibody-directed nanotherapeutic, which is in Phase I clinical trial to treat patients with solid tumors. Its preclinical product candidates include MM-401, an agonistic antibody targeting a novel immuno-oncology target; and MM-201, a stabilized agonist-Fc fusion protein targeting death receptors 4 and 5.

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