Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Merrimack Pharmaceuticals Inc (NASDAQ:MACK) by 22.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 174,774 shares of the biopharmaceutical company’s stock after acquiring an additional 31,509 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.31% of Merrimack Pharmaceuticals worth $858,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rubric Capital Management LP boosted its position in Merrimack Pharmaceuticals by 16.1% during the 1st quarter. Rubric Capital Management LP now owns 476,164 shares of the biopharmaceutical company’s stock valued at $3,833,000 after acquiring an additional 65,920 shares in the last quarter. Wittenberg Investment Management Inc. boosted its position in Merrimack Pharmaceuticals by 105.8% during the 2nd quarter. Wittenberg Investment Management Inc. now owns 253,752 shares of the biopharmaceutical company’s stock valued at $1,246,000 after acquiring an additional 130,441 shares in the last quarter. Northern Trust Corp boosted its position in Merrimack Pharmaceuticals by 6.7% during the 1st quarter. Northern Trust Corp now owns 159,477 shares of the biopharmaceutical company’s stock valued at $1,284,000 after acquiring an additional 9,956 shares in the last quarter. Spark Investment Management LLC boosted its position in Merrimack Pharmaceuticals by 448.6% during the 1st quarter. Spark Investment Management LLC now owns 58,700 shares of the biopharmaceutical company’s stock valued at $472,000 after acquiring an additional 48,000 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in Merrimack Pharmaceuticals by 43.9% during the 4th quarter. Wells Fargo & Company MN now owns 18,287 shares of the biopharmaceutical company’s stock valued at $187,000 after acquiring an additional 5,581 shares in the last quarter. 57.70% of the stock is currently owned by institutional investors and hedge funds.

Merrimack Pharmaceuticals stock opened at $5.27 on Friday. The firm has a market capitalization of $71.78 million, a PE ratio of -0.93 and a beta of 2.30. Merrimack Pharmaceuticals Inc has a 1-year low of $4.71 and a 1-year high of $15.40.

Merrimack Pharmaceuticals (NASDAQ:MACK) last posted its quarterly earnings data on Tuesday, August 7th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.28) by ($0.05). research analysts expect that Merrimack Pharmaceuticals Inc will post -3.99 earnings per share for the current fiscal year.

A number of research firms have recently weighed in on MACK. ValuEngine raised Merrimack Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, July 2nd. Zacks Investment Research raised Merrimack Pharmaceuticals from a “hold” rating to a “buy” rating and set a $9.75 price objective for the company in a research report on Wednesday, May 2nd. Robert W. Baird lowered their price objective on Merrimack Pharmaceuticals from $12.00 to $7.00 and set a “neutral” rating for the company in a research report on Tuesday, June 26th. Finally, JPMorgan Chase & Co. cut Merrimack Pharmaceuticals from a “neutral” rating to an “underweight” rating in a research report on Monday, June 25th.

Merrimack Pharmaceuticals Company Profile

Merrimack Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, focuses on biomarker-defined cancers in the United States. The company's clinical programs include MM-121, which is in Phase II clinical trial for the treatment of patients with heregulin positive non-small cell lung cancer; and MM-141, a human tetravalent bispecific antibody that is in Phase II clinical trial for treating patients with metastatic pancreatic cancer with high serum levels of free insulin-like growth factor 1.

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Institutional Ownership by Quarter for Merrimack Pharmaceuticals (NASDAQ:MACK)

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