Merrimack Pharmaceuticals (NASDAQ:MACK) Shares Pass Above Two Hundred Day Moving Average of $13.75

Shares of Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $13.75 and traded as high as $15.11. Merrimack Pharmaceuticals shares last traded at $15.07, with a volume of 1,062,536 shares trading hands.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Merrimack Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, January 31st.

Merrimack Pharmaceuticals Price Performance

The business has a 50-day simple moving average of $14.76 and a two-hundred day simple moving average of $13.75. The stock has a market cap of $219.00 million, a price-to-earnings ratio of -188.38 and a beta of 1.45.

Merrimack Pharmaceuticals (NASDAQ:MACK) last issued its earnings results on Thursday, March 7th. The biopharmaceutical company reported ($0.01) EPS for the quarter.

Hedge Funds Weigh In On Merrimack Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the stock. ADAR1 Capital Management LLC bought a new stake in shares of Merrimack Pharmaceuticals during the 4th quarter worth about $7,368,000. Sepio Capital LP lifted its position in Merrimack Pharmaceuticals by 4.1% during the third quarter. Sepio Capital LP now owns 306,680 shares of the biopharmaceutical company’s stock worth $3,781,000 after acquiring an additional 12,135 shares during the last quarter. Wittenberg Investment Management Inc. boosted its holdings in shares of Merrimack Pharmaceuticals by 2.3% during the third quarter. Wittenberg Investment Management Inc. now owns 209,739 shares of the biopharmaceutical company’s stock worth $2,586,000 after acquiring an additional 4,745 shares during the period. Kennedy Capital Management LLC grew its position in shares of Merrimack Pharmaceuticals by 2.4% in the third quarter. Kennedy Capital Management LLC now owns 93,708 shares of the biopharmaceutical company’s stock valued at $1,155,000 after purchasing an additional 2,202 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of Merrimack Pharmaceuticals during the fourth quarter worth approximately $159,000. 63.97% of the stock is currently owned by institutional investors and hedge funds.

Merrimack Pharmaceuticals Company Profile

Merrimack Pharmaceuticals, Inc operates as a biopharmaceutical company in the United States. The company was incorporated in 1993 and is headquartered in Cambridge, Massachusetts.