Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) saw a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 23,852,996 shares, a decrease of 4.2% from the August 15th total of 24,903,922 shares. Based on an average daily volume of 1,076,934 shares, the short-interest ratio is presently 22.1 days.

A number of analysts recently weighed in on MACK shares. ValuEngine raised shares of Merrimack Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, September 6th. Zacks Investment Research cut shares of Merrimack Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Finally, Cowen and Company reaffirmed a “market perform” rating on shares of Merrimack Pharmaceuticals in a report on Friday, May 19th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $70.90.

Shares of Merrimack Pharmaceuticals (NASDAQ MACK) opened at 14.17 on Friday. The firm has a market cap of $188.16 million, a PE ratio of 0.44 and a beta of 2.02. Merrimack Pharmaceuticals has a 12-month low of $11.30 and a 12-month high of $67.90. The company has a 50 day moving average of $12.95 and a 200-day moving average of $22.09.

Merrimack Pharmaceuticals (NASDAQ:MACK) last issued its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($2.18) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.37) by ($0.81). During the same quarter in the prior year, the business posted ($4.00) EPS. Equities research analysts forecast that Merrimack Pharmaceuticals will post $33.43 EPS for the current fiscal year.

In other Merrimack Pharmaceuticals news, Director Ulrik B. Nielsen sold 14,756 shares of the stock in a transaction on Monday, September 11th. The shares were sold at an average price of $14.46, for a total transaction of $213,371.76. Following the sale, the director now directly owns 37,437 shares of the company’s stock, valued at $541,339.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ulrik B. Nielsen sold 21,556 shares of the stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $14.40, for a total transaction of $310,406.40. Following the sale, the director now directly owns 37,437 shares in the company, valued at $539,092.80. The disclosure for this sale can be found here. 8.53% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of MACK. State Street Corp boosted its stake in shares of Merrimack Pharmaceuticals by 23.6% in the 1st quarter. State Street Corp now owns 6,611,230 shares of the biopharmaceutical company’s stock valued at $20,364,000 after purchasing an additional 1,261,783 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Merrimack Pharmaceuticals by 11.6% in the 1st quarter. Vanguard Group Inc. now owns 10,265,752 shares of the biopharmaceutical company’s stock valued at $31,618,000 after purchasing an additional 1,070,816 shares in the last quarter. Yakira Capital Management Inc. acquired a new stake in shares of Merrimack Pharmaceuticals in the 1st quarter valued at $765,000. Credit Suisse AG boosted its stake in shares of Merrimack Pharmaceuticals by 84.2% in the 1st quarter. Credit Suisse AG now owns 374,536 shares of the biopharmaceutical company’s stock valued at $1,154,000 after purchasing an additional 171,218 shares in the last quarter. Finally, Airain ltd boosted its stake in shares of Merrimack Pharmaceuticals by 157.8% in the 2nd quarter. Airain ltd now owns 235,257 shares of the biopharmaceutical company’s stock valued at $292,000 after purchasing an additional 143,993 shares in the last quarter. Institutional investors own 46.66% of the company’s stock.

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About Merrimack Pharmaceuticals

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.

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