Merrimack Pharmaceuticals (MACK) Reaches New 1-Year Low at $9.64

Merrimack Pharmaceuticals Inc (NASDAQ:MACK) reached a new 52-week low during trading on Tuesday . The company traded as low as $9.64 and last traded at $9.66, with a volume of 112344 shares changing hands. The stock had previously closed at $10.01.

Separately, Robert W. Baird reiterated a “hold” rating and set a $12.00 price target on shares of Merrimack Pharmaceuticals in a report on Thursday, March 15th.

The company has a market cap of $137.96, a price-to-earnings ratio of 0.28 and a beta of 1.59.

A number of hedge funds have recently modified their holdings of the stock. Macquarie Group Ltd. boosted its holdings in Merrimack Pharmaceuticals by 155.9% in the fourth quarter. Macquarie Group Ltd. now owns 24,130 shares of the biopharmaceutical company’s stock worth $247,000 after purchasing an additional 14,700 shares during the last quarter. Jane Street Group LLC purchased a new stake in Merrimack Pharmaceuticals in the fourth quarter worth approximately $107,000. Millennium Management LLC boosted its holdings in Merrimack Pharmaceuticals by 219.6% in the fourth quarter. Millennium Management LLC now owns 204,566 shares of the biopharmaceutical company’s stock worth $2,097,000 after purchasing an additional 140,567 shares during the last quarter. Paloma Partners Management Co purchased a new stake in Merrimack Pharmaceuticals in the fourth quarter worth approximately $227,000. Finally, Bogle Investment Management L P DE purchased a new stake in Merrimack Pharmaceuticals in the fourth quarter worth approximately $681,000. Institutional investors own 54.03% of the company’s stock.

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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. The Company has one marketed therapeutic oncology product and multiple targeted therapeutic oncology candidates in clinical development.

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