Merrimack Pharmaceuticals (NASDAQ:MACK) Stock Passes Above 200-Day Moving Average of $12.36

Merrimack Pharmaceuticals, Inc. (NASDAQ:MACKGet Free Report) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $12.36 and traded as high as $13.33. Merrimack Pharmaceuticals shares last traded at $13.32, with a volume of 109,274 shares.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Merrimack Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday.

Read Our Latest Stock Report on MACK

Merrimack Pharmaceuticals Stock Performance

The stock has a market cap of $190.89 million, a P/E ratio of -133.30 and a beta of 1.58. The company’s 50 day moving average price is $12.71 and its 200-day moving average price is $12.36.

Merrimack Pharmaceuticals (NASDAQ:MACKGet Free Report) last posted its quarterly earnings results on Thursday, November 2nd. The biopharmaceutical company reported ($0.02) earnings per share for the quarter.

Insider Activity at Merrimack Pharmaceuticals

In related news, Director Eric Andersen purchased 48,693 shares of Merrimack Pharmaceuticals stock in a transaction that occurred on Tuesday, December 26th. The stock was bought at an average price of $13.15 per share, for a total transaction of $640,312.95. Following the completion of the transaction, the director now owns 533,151 shares in the company, valued at $7,010,935.65. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders purchased 201,070 shares of company stock worth $2,581,121. 28.87% of the stock is owned by company insiders.

Hedge Funds Weigh In On Merrimack Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in MACK. American International Group Inc. bought a new position in Merrimack Pharmaceuticals during the second quarter worth about $62,000. Wittenberg Investment Management Inc. boosted its position in Merrimack Pharmaceuticals by 3.5% during the second quarter. Wittenberg Investment Management Inc. now owns 204,994 shares of the biopharmaceutical company’s stock worth $2,521,000 after purchasing an additional 7,000 shares during the period. California State Teachers Retirement System bought a new position in Merrimack Pharmaceuticals during the second quarter worth about $43,000. Citigroup Inc. bought a new position in Merrimack Pharmaceuticals during the second quarter worth about $38,000. Finally, UBS Group AG boosted its position in Merrimack Pharmaceuticals by 303.6% during the first quarter. UBS Group AG now owns 3,128 shares of the biopharmaceutical company’s stock worth $38,000 after purchasing an additional 2,353 shares during the period. Institutional investors own 55.90% of the company’s stock.

About Merrimack Pharmaceuticals

(Get Free Report)

Merrimack Pharmaceuticals, Inc operates as a biopharmaceutical company. The company was incorporated in 1993 and is headquartered in Cambridge, Massachusetts.

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