American International Group Inc. Cuts Stake in Merrimack Pharmaceuticals Inc (MACK)
American International Group Inc. lessened its holdings in Merrimack Pharmaceuticals Inc (NASDAQ:MACK) by 89.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,601 shares of the biopharmaceutical company’s stock after selling 70,998 shares during the period. American International Group Inc. owned about 0.06% of Merrimack Pharmaceuticals worth $125,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. Airain ltd grew its holdings in Merrimack Pharmaceuticals by 157.8% during 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. Alliancebernstein L.P. grew its holdings in Merrimack Pharmaceuticals by 108.1% during the 2nd quarter. Alliancebernstein L.P. now owns 217,900 shares of the biopharmaceutical company’s stock valued at $270,000 after purchasing an additional 113,200 shares in the last quarter. State of Wisconsin Investment Board acquired a new stake in Merrimack Pharmaceuticals during the 2nd quarter valued at $134,000. Engineers Gate Manager LP acquired a new stake in Merrimack Pharmaceuticals during the 2nd quarter valued at $113,000. Finally, Cornerstone Capital Management Holdings LLC. grew its holdings in Merrimack Pharmaceuticals by 34.1% during the 2nd quarter. Cornerstone Capital Management Holdings LLC. now owns 155,771 shares of the biopharmaceutical company’s stock valued at $192,000 after purchasing an additional 39,587 shares in the last quarter. 50.14% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts recently weighed in on MACK shares. Zacks Investment Research lowered shares of Merrimack Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, October 10th. ValuEngine lowered shares of Merrimack Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Monday, October 2nd. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $15.00 price target on shares of Merrimack Pharmaceuticals in a report on Friday, October 13th.
Shares of Merrimack Pharmaceuticals Inc (NASDAQ MACK) opened at $10.34 on Monday. The firm has a market cap of $136.72, a price-to-earnings ratio of 0.30 and a beta of 1.74. Merrimack Pharmaceuticals Inc has a fifty-two week low of $10.04 and a fifty-two week high of $48.60. The company has a current ratio of 3.35, a quick ratio of 3.35 and a debt-to-equity ratio of 0.45.
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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.
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