Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) saw a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 32,722,765 shares, an increase of 39.7% from the May 31st total of 23,427,096 shares. Currently, 26.1% of the shares of the company are short sold. Based on an average trading volume of 4,830,693 shares, the short-interest ratio is currently 6.8 days.

A number of institutional investors have recently bought and sold shares of MACK. Stonebridge Capital Management Inc. bought a new position in Merrimack Pharmaceuticals during the first quarter valued at $112,000. Tudor Investment Corp Et Al bought a new position in Merrimack Pharmaceuticals during the fourth quarter valued at $184,000. KCG Holdings Inc. raised its position in Merrimack Pharmaceuticals by 125.6% in the first quarter. KCG Holdings Inc. now owns 60,785 shares of the biopharmaceutical company’s stock valued at $187,000 after buying an additional 33,847 shares during the last quarter. UBS Asset Management Americas Inc. raised its position in Merrimack Pharmaceuticals by 71.7% in the first quarter. UBS Asset Management Americas Inc. now owns 72,279 shares of the biopharmaceutical company’s stock valued at $223,000 after buying an additional 30,182 shares during the last quarter. Finally, American International Group Inc. raised its position in Merrimack Pharmaceuticals by 7.1% in the first quarter. American International Group Inc. now owns 75,158 shares of the biopharmaceutical company’s stock valued at $231,000 after buying an additional 4,975 shares during the last quarter. Institutional investors own 59.11% of the company’s stock.

Shares of Merrimack Pharmaceuticals (NASDAQ:MACK) opened at 1.27 on Wednesday. The firm’s market cap is $168.18 million. The stock’s 50 day moving average is $2.56 and its 200-day moving average is $3.27. Merrimack Pharmaceuticals has a 1-year low of $1.13 and a 1-year high of $6.79.

Merrimack Pharmaceuticals (NASDAQ:MACK) last posted its earnings results on Wednesday, May 10th. The biopharmaceutical company reported ($0.22) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by $0.15. During the same period in the previous year, the company posted ($0.33) EPS. Analysts expect that Merrimack Pharmaceuticals will post ($0.54) earnings per share for the current year.

A number of research analysts have recently commented on MACK shares. Zacks Investment Research raised shares of Merrimack Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, May 15th. Cowen and Company reissued a “market perform” rating on shares of Merrimack Pharmaceuticals in a research report on Friday, May 19th. Finally, ValuEngine downgraded shares of Merrimack Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Friday, June 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Merrimack Pharmaceuticals has an average rating of “Hold” and an average target price of $8.27.

COPYRIGHT VIOLATION WARNING: “Short Interest in Merrimack Pharmaceuticals, Inc. (MACK) Rises By 39.7%” was first published by American Banking News and is the sole property of of American Banking News. If you are reading this report on another domain, it was copied illegally and reposted in violation of US and international copyright laws. The correct version of this report can be accessed at https://www.americanbankingnews.com/2017/06/28/short-interest-in-merrimack-pharmaceuticals-inc-mack-rises-by-39-7.html.

Merrimack Pharmaceuticals Company Profile

Merrimack Pharmaceuticals, Inc is a biopharmaceutical company. The Company is engaged in discovering, developing and commercializing medicines consisting of therapeutics paired with companion diagnostics for the treatment of cancer. The Company has one marketed therapeutic oncology product and multiple targeted therapeutic oncology candidates in clinical development.

Receive News & Ratings for Merrimack Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Merrimack Pharmaceuticals Inc. and related companies with MarketBeat.com's FREE daily email newsletter.