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

StockNews.com initiated coverage on shares of Merrimack Pharmaceuticals (NASDAQ:MACKGet Rating) in a research report report published on Monday morning. The firm issued a sell rating on the biopharmaceutical company’s stock.

Merrimack Pharmaceuticals Trading Down 2.1 %

NASDAQ:MACK opened at $11.90 on Monday. Merrimack Pharmaceuticals has a twelve month low of $3.00 and a twelve month high of $13.66. The firm has a market capitalization of $159.58 million, a price-to-earnings ratio of -108.18 and a beta of 1.32. The firm’s fifty day simple moving average is $5.79 and its 200 day simple moving average is $5.30.

Institutional Investors Weigh In On Merrimack Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MACK. Sepio Capital LP increased its stake in Merrimack Pharmaceuticals by 276.2% during the 1st quarter. Sepio Capital LP now owns 296,546 shares of the biopharmaceutical company’s stock worth $1,876,000 after buying an additional 217,717 shares during the period. Yakira Capital Management Inc. increased its position in shares of Merrimack Pharmaceuticals by 20.7% in the 1st quarter. Yakira Capital Management Inc. now owns 88,683 shares of the biopharmaceutical company’s stock worth $561,000 after purchasing an additional 15,233 shares during the last quarter. Bronte Capital Management Pty Ltd. increased its position in shares of Merrimack Pharmaceuticals by 7.6% in the 1st quarter. Bronte Capital Management Pty Ltd. now owns 578,313 shares of the biopharmaceutical company’s stock worth $3,658,000 after purchasing an additional 40,729 shares during the last quarter. Western Standard LLC increased its position in shares of Merrimack Pharmaceuticals by 8.3% in the 2nd quarter. Western Standard LLC now owns 1,269,558 shares of the biopharmaceutical company’s stock worth $7,554,000 after purchasing an additional 97,095 shares during the last quarter. Finally, Goldman Sachs Group Inc. bought a new stake in shares of Merrimack Pharmaceuticals in the 2nd quarter worth about $84,000. Hedge funds and other institutional investors own 64.37% of the company’s stock.

Merrimack Pharmaceuticals Company Profile

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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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