Merrimack Pharmaceuticals (MACK) Given “Hold” Rating at Robert W. Baird

Robert W. Baird restated their hold rating on shares of Merrimack Pharmaceuticals (NASDAQ:MACK) in a report published on Thursday, March 15th. They currently have a $12.00 target price on the biopharmaceutical company’s stock.

Shares of MACK stock traded up $0.12 during mid-day trading on Thursday, hitting $8.29. The company’s stock had a trading volume of 652,967 shares, compared to its average volume of 225,719. Merrimack Pharmaceuticals has a 52-week low of $7.36 and a 52-week high of $39.90. The stock has a market capitalization of $110.61, a P/E ratio of -1.46 and a beta of 1.80.

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Several institutional investors and hedge funds have recently modified their holdings of MACK. Jane Street Group LLC bought a new stake in shares of Merrimack Pharmaceuticals in the fourth quarter worth $107,000. Spark Investment Management LLC bought a new stake in Merrimack Pharmaceuticals during the fourth quarter valued at about $109,000. Virtu Financial LLC bought a new stake in Merrimack Pharmaceuticals during the fourth quarter valued at about $115,000. Macquarie Group Ltd. bought a new stake in Merrimack Pharmaceuticals during the third quarter valued at about $137,000. Finally, The Manufacturers Life Insurance Company grew its holdings in Merrimack Pharmaceuticals by 14.8% during the second quarter. The Manufacturers Life Insurance Company now owns 113,235 shares of the biopharmaceutical company’s stock valued at $141,000 after purchasing an additional 14,591 shares during the period. 54.03% of the stock is owned by institutional investors.

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About Merrimack Pharmaceuticals

Merrimack Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, focuses on biomarker-defined cancers in the United States. The company's clinical programs include MM-121, which is in Phase II clinical trial for the treatment of patients with heregulin positive non-small cell lung cancer; and MM-141, a human tetravalent bispecific antibody that is in Phase II clinical trial for treating patients with metastatic pancreatic cancer with high serum levels of free insulin-like growth factor 1.

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