Today: Today: Merrimack Pharmaceuticals Inc. (MACK) Sees Significant Drop in Short Interest

Today: Merrimack Pharmaceuticals Inc. (MACK) Sees Significant Drop in Short Interest

Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) was the target of a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 40,457,419 shares, a decrease of 3.3% from the October 31st total of 41,823,898 shares. Currently, 33.2% of the shares of the company are short sold. Based on an average daily trading volume, of 4,281,949 shares, the short-interest ratio is currently 9.4 days.

Merrimack Pharmaceuticals (NASDAQ:MACK) opened at 6.41 on Monday. Merrimack Pharmaceuticals has a 12 month low of $4.39 and a 12 month high of $9.63. The company’s market cap is $830.83 million. The company’s 50 day moving average is $5.59 and its 200-day moving average is $5.67.

Merrimack Pharmaceuticals (NASDAQ:MACK) last released its earnings results on Wednesday, November 9th. The biopharmaceutical company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.04. The company earned $28.07 million during the quarter, compared to analyst estimates of $41 million. The firm’s revenue for the quarter was up 71.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.38) earnings per share. On average, analysts expect that Merrimack Pharmaceuticals will post ($1.05) earnings per share for the current fiscal year.

MACK has been the subject of a number of research reports. Cowen and Company cut shares of Merrimack Pharmaceuticals from an “outperform” rating to a “market perform” rating in a report on Friday, August 5th. Brean Capital set a $13.00 target price on shares of Merrimack Pharmaceuticals and gave the company a “buy” rating in a report on Friday, August 5th. JPMorgan Chase & Co. reduced their target price on shares of Merrimack Pharmaceuticals from $9.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, August 5th. Zacks Investment Research cut shares of Merrimack Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, August 9th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $7.00 target price (down from $8.00) on shares of Merrimack Pharmaceuticals in a report on Wednesday, August 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. Merrimack Pharmaceuticals presently has a consensus rating of “Hold” and a consensus target price of $9.44.

A number of hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted 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 valued at $115,000 after buying an additional 1,010 shares during the last quarter. Chicago Equity Partners LLC boosted 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 valued at $260,000 after buying an additional 1,160 shares during the last quarter. Guggenheim Capital LLC boosted 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 valued at $2,270,000 after buying an additional 1,371 shares during the last quarter. LPL Financial LLC boosted its stake in shares of Merrimack Pharmaceuticals by 6.1% in the third quarter. LPL Financial LLC now owns 27,703 shares of the biopharmaceutical company’s stock valued at $165,000 after buying an additional 1,600 shares during the last quarter. Finally, Parametric Portfolio Associates LLC boosted 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 valued at $132,000 after buying an additional 1,712 shares during the last quarter. Institutional investors own 67.44% of the company’s stock.

About Merrimack Pharmaceuticals

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