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

StockNews.com initiated coverage on shares of Merrimack Pharmaceuticals (NASDAQ:MACK – Get Rating) in a report issued on Thursday morning. The brokerage issued a sell rating on the biopharmaceutical company’s stock.

Merrimack Pharmaceuticals Stock Performance

Shares of NASDAQ MACK traded down $0.16 during trading on Thursday, reaching $11.60. 36,537 shares of the company traded hands, compared to its average volume of 49,468. The firm has a 50 day simple moving average of $11.71 and a 200-day simple moving average of $8.91. Merrimack Pharmaceuticals has a 52-week low of $3.00 and a 52-week high of $13.66.

Insider Activity

In related news, Director Ana Radeljevic purchased 4,156 shares of the company’s stock in a transaction dated Friday, January 6th. The shares were purchased at an average price of $12.03 per share, with a total value of $49,996.68. Following the acquisition, the director now directly owns 4,156 shares in the company, valued at approximately $49,996.68. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Noah G. Levy bought 100,000 shares of the firm’s stock in a transaction on Thursday, January 12th. The shares were bought at an average price of $11.90 per share, for a total transaction of $1,190,000.00. Following the purchase, the director now owns 1,119,586 shares in the company, valued at $13,323,073.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ana Radeljevic acquired 4,156 shares of Merrimack Pharmaceuticals stock in a transaction dated Friday, January 6th. The shares were bought at an average price of $12.03 per share, for a total transaction of $49,996.68. Following the transaction, the director now owns 4,156 shares of the company’s stock, valued at $49,996.68. The disclosure for this purchase can be found here. Insiders have purchased a total of 150,739 shares of company stock valued at $1,770,055 in the last 90 days. 25.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Merrimack Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the stock. Morgan Stanley raised its position in shares of Merrimack Pharmaceuticals by 40.7% during the fourth quarter. Morgan Stanley now owns 9,163 shares of the biopharmaceutical company’s stock valued at $105,000 after buying an additional 2,649 shares during the last quarter. Goldman Sachs Group Inc. bought a new stake in shares of Merrimack Pharmaceuticals during the second quarter valued at approximately $84,000. Millennium Management LLC bought a new stake in shares of Merrimack Pharmaceuticals during the fourth quarter valued at approximately $195,000. Two Sigma Investments LP raised its position in shares of Merrimack Pharmaceuticals by 97.5% during the fourth quarter. Two Sigma Investments LP now owns 42,490 shares of the biopharmaceutical company’s stock valued at $487,000 after buying an additional 20,971 shares during the last quarter. Finally, Boothbay Fund Management LLC bought a new stake in shares of Merrimack Pharmaceuticals during the fourth quarter valued at approximately $736,000. Institutional investors own 59.74% of the company’s stock.

Merrimack Pharmaceuticals Company Profile

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