Merrimack Pharmaceuticals (NASDAQ:MACK) Trading 9.4% Higher

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Merrimack Pharmaceuticals Inc (NASDAQ:MACK)’s stock price traded up 9.4% during trading on Wednesday . The company traded as high as $6.10 and last traded at $6.05, 146,400 shares were traded during trading. An increase of 118% from the average session volume of 67,122 shares. The stock had previously closed at $5.53.

Separately, ValuEngine upgraded Merrimack Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Tuesday.

The business has a fifty day moving average of $6.37 and a 200 day moving average of $6.15.

Merrimack Pharmaceuticals (NASDAQ:MACK) last issued its quarterly earnings results on Wednesday, July 17th. The biopharmaceutical company reported ($0.71) earnings per share (EPS) for the quarter.

The firm also recently disclosed a dividend, which was paid on Thursday, September 5th. Stockholders of record on Wednesday, August 28th were paid a $1.4967 dividend. The ex-dividend date of this dividend was Friday, September 6th.

In other Merrimack Pharmaceuticals news, insider Jfl Capital Management, Llc acquired 23,564 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was purchased at an average price of $5.95 per share, for a total transaction of $140,205.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders purchased 74,254 shares of company stock valued at $440,125 in the last 90 days. Company insiders own 9.47% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Citadel Advisors LLC purchased a new position in Merrimack Pharmaceuticals in the second quarter valued at $82,000. Jacobs Levy Equity Management Inc. increased its holdings in Merrimack Pharmaceuticals by 41.7% during the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 34,439 shares of the biopharmaceutical company’s stock worth $208,000 after purchasing an additional 10,139 shares during the period. Vanguard Group Inc. increased its holdings in Merrimack Pharmaceuticals by 67.6% during the 2nd quarter. Vanguard Group Inc. now owns 377,010 shares of the biopharmaceutical company’s stock worth $2,281,000 after purchasing an additional 152,080 shares during the period. Finally, Nuveen Asset Management LLC purchased a new stake in Merrimack Pharmaceuticals during the 2nd quarter worth about $2,867,000. Institutional investors and hedge funds own 48.30% of the company’s stock.

Merrimack Pharmaceuticals Company Profile (NASDAQ:MACK)

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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