Merrimack Pharmaceuticals (NASDAQ:MACK) Share Price Passes Above 200-Day Moving Average of $12.18

Posted by Defense World Staff on Sep 7th, 2023

Shares of Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK – Get Free Report) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $12.18 and traded as high as $12.37. Merrimack Pharmaceuticals shares last traded at $12.25, with a volume of 29,197 shares changing hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on Merrimack Pharmaceuticals in a report on Thursday, August 17th. They set a “sell” rating for the company.

Read Our Latest Report on MACK

Merrimack Pharmaceuticals Price Performance

The company’s fifty day moving average price is $12.05 and its 200 day moving average price is $12.18. The company has a market cap of $175.43 million, a PE ratio of -111.36 and a beta of 1.76.

Merrimack Pharmaceuticals (NASDAQ:MACK – Get Free Report) last posted its earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($0.03) EPS for the quarter.

Insider Activity

In related news, Director Eric Andersen purchased 134,493 shares of the business’s stock in a transaction dated Monday, August 7th. The stock was purchased at an average cost of $12.00 per share, with a total value of $1,613,916.00. Following the completion of the acquisition, the director now directly owns 1,496,680 shares of the company’s stock, valued at $17,960,160. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Gary L. Crocker acquired 2,000 shares of Merrimack Pharmaceuticals stock in a transaction that occurred on Thursday, August 10th. The stock was bought at an average price of $12.52 per share, with a total value of $25,040.00. Following the completion of the purchase, the insider now owns 133,105 shares in the company, valued at $1,666,474.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eric Andersen bought 134,493 shares of the stock in a transaction on Monday, August 7th. The stock was purchased at an average price of $12.00 per share, for a total transaction of $1,613,916.00. Following the completion of the purchase, the director now directly owns 1,496,680 shares in the company, valued at $17,960,160. The disclosure for this purchase can be found here. Insiders own 28.87% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MACK. California State Teachers Retirement System purchased a new stake in shares of Merrimack Pharmaceuticals in the second quarter worth $43,000. Wells Fargo & Company MN raised its holdings in shares of Merrimack Pharmaceuticals by 2,515.3% in the 2nd quarter. Wells Fargo & Company MN now owns 4,446 shares of the biopharmaceutical company’s stock valued at $55,000 after acquiring an additional 4,276 shares in the last quarter. Kennedy Capital Management LLC raised its holdings in shares of Merrimack Pharmaceuticals by 565.1% in the 2nd quarter. Kennedy Capital Management LLC now owns 91,506 shares of the biopharmaceutical company’s stock valued at $1,126,000 after acquiring an additional 77,748 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Merrimack Pharmaceuticals by 755.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,567 shares of the biopharmaceutical company’s stock valued at $130,000 after acquiring an additional 9,332 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Merrimack Pharmaceuticals by 244.4% during the second quarter. State Street Corp now owns 174,105 shares of the biopharmaceutical company’s stock worth $2,141,000 after purchasing an additional 123,549 shares in the last quarter. 55.90% of the stock is currently owned by hedge funds and other institutional investors.

About Merrimack Pharmaceuticals

(Get Free Report)

Merrimack Pharmaceuticals, Inc operates as a biopharmaceutical company. The company was incorporated in 1993 and is headquartered in Cambridge, Massachusetts.