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

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

Shares of NASDAQ:MACK opened at $5.93 on Wednesday. Merrimack Pharmaceuticals has a 52 week low of $3.66 and a 52 week high of $7.41. The company’s fifty day moving average is $5.48 and its 200-day moving average is $5.42. The company has a market capitalization of $79.52 million, a PE ratio of -42.35 and a beta of 1.69.

Merrimack Pharmaceuticals (NASDAQ:MACKGet Rating) last issued its earnings results on Thursday, May 5th. The biopharmaceutical company reported ($0.04) EPS for the quarter.

In related news, insider Gary L. Crocker purchased 5,000 shares of Merrimack Pharmaceuticals stock in a transaction that occurred on Monday, March 28th. The shares were acquired at an average price of $6.16 per share, for a total transaction of $30,800.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Noah G. Levy purchased 20,938 shares of Merrimack Pharmaceuticals stock in a transaction that occurred on Tuesday, June 14th. The shares were bought at an average price of $5.17 per share, for a total transaction of $108,249.46. Following the transaction, the director now owns 1,010,515 shares in the company, valued at $5,224,362.55. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 38,694 shares of company stock worth $209,149. 25.80% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the business. Radnor Capital Management LLC bought a new stake in Merrimack Pharmaceuticals during the 4th quarter worth about $52,000. Yakira Capital Management Inc. raised 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 worth $287,000 after purchasing an additional 12,816 shares during the last quarter. BlackRock Inc. raised its holdings in Merrimack Pharmaceuticals by 12.8% during the 3rd quarter. BlackRock Inc. now owns 211,051 shares of the biopharmaceutical company’s stock worth $1,020,000 after purchasing an additional 23,961 shares during the last quarter. Sepio Capital LP raised its holdings 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 purchasing an additional 217,717 shares during the last quarter. Finally, Bronte Capital Management Pty Ltd. raised its holdings in Merrimack Pharmaceuticals by 7.6% during 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. 55.93% 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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