Private Advisor Group LLC Reduces Stake in Merrimack Pharmaceuticals Inc. (MACK)
Private Advisor Group LLC cut its position in Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) by 12.9% during the second quarter, Holdings Channel reports. The institutional investor owned 84,652 shares of the biopharmaceutical company’s stock after selling 12,500 shares during the period. Private Advisor Group LLC owned approximately 0.07% of Merrimack Pharmaceuticals worth $483,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in MACK. Legal & General Group Plc increased its position in 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 in the last quarter. Chicago Equity Partners LLC increased its position 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 period. State Board of Administration of Florida Retirement System increased 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 valued at $294,000 after buying an additional 3,930 shares during the period. Commonwealth Equity Services Inc increased its position 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 valued at $300,000 after buying an additional 665 shares during the period. Finally, Boston Advisors LLC bought a new position in shares of Merrimack Pharmaceuticals during the second quarter valued at approximately $311,000. Hedge funds and other institutional investors own 66.37% of the company’s stock.
Shares of Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) traded down 1.07% during midday trading on Monday, hitting $4.64. 652,689 shares of the stock traded hands. Merrimack Pharmaceuticals Inc. has a 12-month low of $4.39 and a 12-month high of $10.89. The firm’s 50 day moving average price is $5.10 and its 200 day moving average price is $6.39. The company’s market capitalization is $599.67 million.
Merrimack Pharmaceuticals (NASDAQ:MACK) last released its earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.40) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by $0.07. The business earned $33.70 million during the quarter, compared to analysts’ expectations of $33.35 million. The business’s quarterly revenue was up 58.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.33) EPS. Analysts expect that Merrimack Pharmaceuticals Inc. will post ($1.03) EPS for the current year.
Several brokerages have commented on MACK. Zacks Investment Research downgraded Merrimack Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, August 9th. Cowen and Company downgraded Merrimack Pharmaceuticals from an “outperform” rating to a “market perform” rating in a report on Friday, August 5th. Brean Capital set a $13.00 price target on Merrimack Pharmaceuticals and gave the company a “buy” rating in a report on Friday, August 5th. BTIG Research began coverage on Merrimack Pharmaceuticals in a report on Friday, August 19th. They set a “neutral” rating on the stock. Finally, JPMorgan Chase & Co. lowered their price target on Merrimack Pharmaceuticals from $9.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, August 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $10.54.
In other Merrimack Pharmaceuticals 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 value of $275,000.00. Following the sale, the insider now owns 115,657 shares in the company, valued at approximately $636,113.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 11.49% of the stock is owned by company insiders.
About Merrimack Pharmaceuticals
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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