Todays Report: Today, Candriam Luxembourg S.C.A. Continues to Hold Stake in Merrimack Pharmaceuticals Inc. (MACK)

Today, Candriam Luxembourg S.C.A. Continues to Hold Stake in Merrimack Pharmaceuticals Inc. (MACK)

Candriam Luxembourg S.C.A. continued to hold its position in shares of Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) during the second quarter, Holdings Channel reports. The fund owned 217,000 shares of the biopharmaceutical company’s stock at the end of the second quarter. Candriam Luxembourg S.C.A.’s holdings in Merrimack Pharmaceuticals were worth $1,170,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of MACK. Legal & General Group Plc raised its stake in shares of Merrimack Pharmaceuticals by 40.6% in the first quarter. Legal & General Group Plc now owns 26,766 shares of the biopharmaceutical company’s stock worth $226,000 after buying an additional 7,732 shares during the last quarter. 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 during the last quarter. Princeton Portfolio Strategies Group LLC raised its stake in shares of Merrimack Pharmaceuticals by 112.7% in the first quarter. Princeton Portfolio Strategies Group LLC now owns 44,861 shares of the biopharmaceutical company’s stock worth $375,000 after buying an additional 23,771 shares during the last quarter. Boston Advisors LLC acquired a new stake in shares of Merrimack Pharmaceuticals during the second quarter worth approximately $311,000. Finally, Cannell Peter B & Co Inc raised its stake in shares of Merrimack Pharmaceuticals by 12.0% in the first quarter. Cannell Peter B & Co Inc now owns 1,176,978 shares of the biopharmaceutical company’s stock worth $9,851,000 after buying an additional 125,800 shares during the last quarter. Hedge funds and other institutional investors own 66.37% of the company’s stock.

Shares of Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) traded up 0.34% during trading on Thursday, hitting $5.98. The stock had a trading volume of 3,670,022 shares. Merrimack Pharmaceuticals Inc. has a 12 month low of $4.39 and a 12 month high of $10.85. The company’s market cap is $772.86 million. The stock has a 50-day moving average price of $5.19 and a 200 day moving average price of $6.22.

Merrimack Pharmaceuticals (NASDAQ:MACK) last released its earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.40) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by $0.07. The firm earned $33.70 million during the quarter, compared to analysts’ expectations of $33.35 million. The business’s revenue was up 58.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.33) earnings per share. Equities analysts expect that Merrimack Pharmaceuticals Inc. will post ($1.02) EPS for the current fiscal year.

A number of analysts recently commented on the company. JPMorgan Chase & Co. dropped their price target on Merrimack Pharmaceuticals from $9.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, August 5th. BTIG Research reaffirmed a “neutral” rating on shares of Merrimack Pharmaceuticals in a research note on Wednesday. Zacks Investment Research raised Merrimack Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday. Robert W. Baird reaffirmed a “neutral” rating and issued a $7.00 price target (down previously from $8.00) on shares of Merrimack Pharmaceuticals in a research note on Wednesday, August 10th. Finally, Cowen and Company lowered Merrimack Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research report on Friday, August 5th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Merrimack Pharmaceuticals has a consensus rating of “Buy” and an average target price of $10.54.

In other news, insider Birgit M. Schoeberl sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $5.50, for a total transaction of $275,000.00. Following the transaction, the insider now owns 115,657 shares of the company’s stock, valued at approximately $636,113.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 11.49% of the company’s stock.

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.

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