Merrimack Pharmaceuticals (NASDAQ:MACK) Shares Up 9.9%

Merrimack Pharmaceuticals Inc (NASDAQ:MACK) shot up 9.9% on Thursday . The company traded as high as $7.07 and last traded at $7.00, 181,848 shares were traded during mid-day trading. An increase of 177% from the average session volume of 65,723 shares. The stock had previously closed at $6.37.

Separately, ValuEngine downgraded shares of Merrimack Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday.

The stock’s 50 day moving average price is $6.33 and its two-hundred day moving average price is $6.16.

Merrimack Pharmaceuticals (NASDAQ:MACK) last issued its quarterly earnings data 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. Investors of record on Wednesday, August 28th were issued 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 firm’s stock in a transaction that occurred on Friday, June 28th. The stock was purchased at an average cost of $5.95 per share, for a total transaction of $140,205.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders purchased 74,254 shares of company stock valued at $440,125 over the last quarter. 9.47% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of MACK. Nuveen Asset Management LLC bought a new stake in Merrimack Pharmaceuticals during the second quarter valued at about $2,867,000. Vanguard Group Inc. boosted its holdings in Merrimack Pharmaceuticals by 67.6% during the second quarter. Vanguard Group Inc. now owns 377,010 shares of the biopharmaceutical company’s stock valued at $2,281,000 after acquiring an additional 152,080 shares during the period. Bank of New York Mellon Corp bought a new stake in Merrimack Pharmaceuticals during the fourth quarter valued at about $70,000. Citadel Advisors LLC bought a new stake in Merrimack Pharmaceuticals during the second quarter valued at about $82,000. Finally, Northern Trust Corp boosted its holdings in Merrimack Pharmaceuticals by 20.5% during the fourth quarter. Northern Trust Corp now owns 60,417 shares of the biopharmaceutical company’s stock valued at $233,000 after acquiring an additional 10,263 shares during the period. Hedge funds and other institutional investors own 39.80% of the company’s stock.

About Merrimack Pharmaceuticals (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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