Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) saw a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 36,192,060 shares, an increase of 16.0% from the September 15th total of 31,212,156 shares. Based on an average daily volume of 4,770,590 shares, the short-interest ratio is currently 7.6 days. Approximately 29.7% of the company’s stock are sold short.

Several equities research analysts recently weighed in on the company. Zacks Investment Research cut Merrimack Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Tuesday, August 9th. Cowen and Company cut Merrimack Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research note on Friday, August 5th. Brean Capital set a $13.00 price target on Merrimack Pharmaceuticals and gave the stock a “buy” rating in a research note on Friday, August 5th. BTIG Research reaffirmed a “neutral” rating on shares of Merrimack Pharmaceuticals in a research note on Sunday, September 25th. Finally, JPMorgan Chase & Co. reduced their price target on Merrimack Pharmaceuticals from $9.00 to $8.00 and set an “overweight” rating on the stock in a research note on Friday, August 5th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Merrimack Pharmaceuticals presently has a consensus rating of “Hold” and an average price target of $10.17.

Merrimack Pharmaceuticals (NASDAQ:MACK) opened at 5.05 on Thursday. The company’s market capitalization is $652.66 million. The stock’s 50 day moving average price is $5.22 and its 200-day moving average price is $6.13. Merrimack Pharmaceuticals has a one year low of $4.39 and a one year high of $10.85.

Merrimack Pharmaceuticals (NASDAQ:MACK) last issued its quarterly earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.40) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.33) by $0.07. The company earned $33.70 million during the quarter, compared to analysts’ expectations of $33.35 million. During the same period in the prior year, the company earned ($0.33) earnings per share. The business’s revenue was up 58.3% compared to the same quarter last year. Equities analysts forecast that Merrimack Pharmaceuticals will post ($1.02) EPS for the current year.

In related news, insider Birgit M. Schoeberl sold 50,000 shares of the company’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $5.50, for a total value of $275,000.00. Following the sale, the insider now directly owns 115,657 shares of the company’s stock, valued at $636,113.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 11.49% of the stock is owned by corporate insiders.

Several large investors have recently modified their holdings of the company. Commonwealth Equity Services Inc raised its stake in shares of Merrimack Pharmaceuticals by 1.9% in the first quarter. Commonwealth Equity Services Inc now owns 35,881 shares of the biopharmaceutical company’s stock worth $300,000 after buying an additional 665 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Merrimack Pharmaceuticals by 5.0% in the second quarter. Principal Financial Group Inc. now owns 21,259 shares of the biopharmaceutical company’s stock worth $115,000 after buying an additional 1,010 shares in the last quarter. Chicago Equity Partners LLC raised its stake in shares of Merrimack Pharmaceuticals by 2.5% in the second quarter. Chicago Equity Partners LLC now owns 48,180 shares of the biopharmaceutical company’s stock worth $260,000 after buying an additional 1,160 shares in the last quarter. Guggenheim Capital LLC raised its stake in shares of Merrimack Pharmaceuticals by 0.3% in the second quarter. Guggenheim Capital LLC now owns 421,079 shares of the biopharmaceutical company’s stock worth $2,270,000 after buying an additional 1,371 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its stake in shares of Merrimack Pharmaceuticals by 7.5% in the second quarter. Parametric Portfolio Associates LLC now owns 24,488 shares of the biopharmaceutical company’s stock worth $132,000 after buying an additional 1,712 shares in the last quarter. 66.37% of the stock is owned by hedge funds and other institutional investors.

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. Its therapeutic oncology candidates in clinical development include MM-398, MM-302, MM-121, MM-141 and MM-151.

5 Day Chart for NASDAQ:MACK

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