Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) was the target of a large increase in short interest in October. As of October 31st, there was short interest totalling 41,823,898 shares, an increase of 11.0% from the October 14th total of 37,685,487 shares. Approximately 34.3% of the company’s stock are sold short. Based on an average trading volume of 2,939,963 shares, the short-interest ratio is currently 14.2 days.

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Merrimack Pharmaceuticals by 10.4% in the second quarter. Vanguard Group Inc. now owns 10,196,415 shares of the biopharmaceutical company’s stock worth $54,958,000 after buying an additional 958,188 shares in the last quarter. Principal Financial Group Inc. boosted its position 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. Commerce Bank purchased a new position in shares of Merrimack Pharmaceuticals during the second quarter worth $539,000. Nationwide Fund Advisors boosted its position in shares of Merrimack Pharmaceuticals by 29.0% in the second quarter. Nationwide Fund Advisors now owns 120,513 shares of the biopharmaceutical company’s stock worth $650,000 after buying an additional 27,098 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of Merrimack Pharmaceuticals by 7.8% in the second quarter. State Board of Administration of Florida Retirement System now owns 54,508 shares of the biopharmaceutical company’s stock worth $294,000 after buying an additional 3,930 shares in the last quarter. 67.36% of the stock is currently owned by institutional investors.

Several equities analysts have recently commented on MACK shares. BTIG Research restated a “neutral” rating on shares of Merrimack Pharmaceuticals in a report on Friday, September 9th. Vetr cut shares of Merrimack Pharmaceuticals from a “strong-buy” rating to a “buy” rating and set a $5.92 price target on the stock. in a report on Monday, November 7th. JPMorgan Chase & Co. cut shares of Merrimack Pharmaceuticals from an “overweight” rating to a “neutral” rating and set a $5.75 price target on the stock. in a report on Friday, October 7th. Zacks Investment Research upgraded shares of Merrimack Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, October 5th. Finally, Robert W. Baird restated a “neutral” rating and set a $7.00 price target (down from $8.00) on shares of Merrimack Pharmaceuticals in a report on Wednesday, August 10th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Merrimack Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $9.49.

Shares of Merrimack Pharmaceuticals (NASDAQ:MACK) opened at 6.47 on Friday. The firm’s 50-day moving average is $5.59 and its 200-day moving average is $5.69. The company’s market capitalization is $838.61 million. Merrimack Pharmaceuticals has a 12-month low of $4.39 and a 12-month high of $9.63.

Merrimack Pharmaceuticals (NASDAQ:MACK) last announced its quarterly earnings results on Wednesday, November 9th. The biopharmaceutical company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.04. The firm had revenue of $28.07 million for the quarter, compared to the consensus estimate of $41 million. The company’s revenue for the quarter was up 71.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.38) earnings per share. On average, equities research analysts anticipate that Merrimack Pharmaceuticals will post ($1.05) EPS for the current fiscal year.

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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