Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) saw a large decline in short interest in June. As of June 30th, there was short interest totalling 26,222,342 shares, a decline of 19.9% from the June 15th total of 32,722,765 shares. Based on an average trading volume of 4,371,575 shares, the days-to-cover ratio is presently 6.0 days. Approximately 20.9% of the shares of the stock are short sold.
A number of hedge funds and other institutional investors have recently modified their holdings of MACK. Creative Planning increased its position in shares of Merrimack Pharmaceuticals by 444.9% in the second quarter. Creative Planning now owns 89,408 shares of the biopharmaceutical company’s stock worth $111,000 after buying an additional 73,000 shares during the last quarter. Stonebridge Capital Management Inc. bought a new position in shares of Merrimack Pharmaceuticals during the first quarter worth approximately $112,000. Tudor Investment Corp Et Al bought a new position in shares of Merrimack Pharmaceuticals during the fourth quarter worth approximately $184,000. KCG Holdings Inc. increased its position in shares of Merrimack Pharmaceuticals by 125.6% in the first quarter. KCG Holdings Inc. now owns 60,785 shares of the biopharmaceutical company’s stock worth $187,000 after buying an additional 33,847 shares during the last quarter. Finally, UBS Asset Management Americas Inc. increased its position in shares of Merrimack Pharmaceuticals by 71.7% in the first quarter. UBS Asset Management Americas Inc. now owns 72,279 shares of the biopharmaceutical company’s stock worth $223,000 after buying an additional 30,182 shares during the last quarter. Hedge funds and other institutional investors own 59.10% of the company’s stock.
Shares of Merrimack Pharmaceuticals (NASDAQ:MACK) opened at 1.28 on Thursday. Merrimack Pharmaceuticals has a one year low of $1.13 and a one year high of $6.79. The stock’s market cap is $169.51 million. The company has a 50-day moving average of $1.37 and a 200 day moving average of $2.75.
Merrimack Pharmaceuticals (NASDAQ:MACK) last issued its quarterly earnings data on Wednesday, May 10th. The biopharmaceutical company reported ($0.22) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.15. During the same period in the previous year, the company posted ($0.33) earnings per share. On average, equities analysts forecast that Merrimack Pharmaceuticals will post ($0.54) earnings per share for the current fiscal year.
Several equities research analysts recently commented on the stock. Zacks Investment Research raised shares of Merrimack Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Monday. Cowen and Company reissued a “market perform” rating on shares of Merrimack Pharmaceuticals in a report on Friday, May 19th. Finally, ValuEngine lowered shares of Merrimack Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $8.27.
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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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