Merrimack Pharmaceuticals (NASDAQ:MACK) Trading Up 9.4%
Merrimack Pharmaceuticals Inc (NASDAQ:MACK)’s stock price was up 9.4% during trading on Wednesday . The company traded as high as $6.10 and last traded at $6.05, approximately 146,400 shares changed hands during mid-day trading. An increase of 118% from the average daily volume of 67,122 shares. The stock had previously closed at $5.53.
Separately, ValuEngine upgraded shares of Merrimack Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday.
The company has a 50 day simple moving average of $6.37 and a 200 day simple moving average of $6.15.
The business also recently declared a dividend, which was paid on Thursday, September 5th. Stockholders of record on Wednesday, August 28th were paid a dividend of $1.4967 per share. The ex-dividend date was Friday, September 6th.
In related news, insider Jfl Capital Management, Llc purchased 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, with a total value of $140,205.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought 74,254 shares of company stock valued at $440,125 in the last 90 days. Company insiders own 9.47% of the company’s stock.
A number of large investors have recently made changes to their positions in MACK. Citadel Advisors LLC purchased a new stake in Merrimack Pharmaceuticals in the 2nd quarter valued at approximately $82,000. Jacobs Levy Equity Management Inc. raised its stake in shares of Merrimack Pharmaceuticals by 41.7% during the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 34,439 shares of the biopharmaceutical company’s stock worth $208,000 after buying an additional 10,139 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Merrimack Pharmaceuticals by 67.6% in the 2nd quarter. Vanguard Group Inc. now owns 377,010 shares of the biopharmaceutical company’s stock valued at $2,281,000 after buying an additional 152,080 shares during the period. Finally, Nuveen Asset Management LLC acquired a new stake in shares of Merrimack Pharmaceuticals in the 2nd quarter valued at approximately $2,867,000. Hedge funds and other institutional investors own 48.30% 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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