ValuEngine Upgrades Merrimack Pharmaceuticals (NASDAQ:MACK) to “Hold”

ValuEngine upgraded shares of Merrimack Pharmaceuticals (NASDAQ:MACK) from a sell rating to a hold rating in a research report released on Monday, April 1st, ValuEngine reports.

Shares of MACK stock traded up $0.04 during mid-day trading on Monday, reaching $6.12. 1,682 shares of the company’s stock traded hands, compared to its average volume of 102,092. The company has a debt-to-equity ratio of 0.25, a current ratio of 5.14 and a quick ratio of 5.14. Merrimack Pharmaceuticals has a 12 month low of $3.34 and a 12 month high of $10.53.

Merrimack Pharmaceuticals (NASDAQ:MACK) last released its earnings results on Wednesday, March 6th. The biopharmaceutical company reported ($0.97) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.01) by $0.04.

In other Merrimack Pharmaceuticals news, insider Fund Lp 22Nw bought 66,760 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were purchased at an average cost of $5.86 per share, for a total transaction of $391,213.60. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Lp 22Nw bought 50,000 shares of the firm’s stock in a transaction dated Friday, April 5th. The shares were acquired at an average price of $6.12 per share, for a total transaction of $306,000.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 184,148 shares of company stock worth $1,089,311. 9.47% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new stake in shares of Merrimack Pharmaceuticals during the 4th quarter valued at about $70,000. D. E. Shaw & Co. Inc. grew its holdings 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 valued at $213,000 after purchasing an additional 24,173 shares during the last quarter. Northern Trust Corp grew its stake in Merrimack Pharmaceuticals by 20.5% in the 4th quarter. Northern Trust Corp now owns 60,417 shares of the biopharmaceutical company’s stock worth $233,000 after acquiring an additional 10,263 shares in the last quarter. Two Sigma Investments LP grew its stake in Merrimack Pharmaceuticals by 28.7% in the 4th quarter. Two Sigma Investments LP now owns 72,877 shares of the biopharmaceutical company’s stock worth $281,000 after acquiring an additional 16,254 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Merrimack Pharmaceuticals by 54,994.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 55,094 shares of the biopharmaceutical company’s stock worth $294,000 after acquiring an additional 54,994 shares in the last quarter. Hedge funds and other institutional investors own 46.20% 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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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