Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) shares saw an uptick in trading volume on Friday . 3,447,321 shares were traded during mid-day trading, an increase of 97% from the previous session’s volume of 1,747,957 shares.The stock last traded at $5.80 and had previously closed at $5.61.

MACK has been the topic of a number of recent research reports. Cowen and Company reiterated a “buy” rating on shares of Merrimack Pharmaceuticals in a research note on Sunday, April 17th. Brean Capital reiterated a “buy” rating on shares of Merrimack Pharmaceuticals in a research note on Tuesday, May 3rd. Robert W. Baird initiated coverage on Merrimack Pharmaceuticals in a research note on Thursday, May 26th. They issued a “neutral” rating and a $8.00 target price on the stock. Mizuho reiterated a “buy” rating and issued a $13.00 target price on shares of Merrimack Pharmaceuticals in a research note on Friday, May 20th. Finally, Zacks Investment Research upgraded Merrimack Pharmaceuticals from a “hold” rating to a “buy” rating and set a $7.25 target price on the stock in a research note on Monday, May 9th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $12.54.

The company’s market cap is $740.81 million. The firm’s 50 day moving average price is $5.72 and its 200 day moving average price is $6.59.

In other 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 transaction of $275,000.00. Following the sale, the insider now directly owns 115,657 shares in the company, valued at $636,113.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Several hedge funds have recently added to or reduced their stakes in MACK. California State Teachers Retirement System boosted its stake in Merrimack Pharmaceuticals by 6.7% in the fourth quarter. California State Teachers Retirement System now owns 214,167 shares of the biopharmaceutical company’s stock worth $1,692,000 after buying an additional 13,522 shares in the last quarter. New York State Common Retirement Fund boosted its stake in Merrimack Pharmaceuticals by 30.1% in the fourth quarter. New York State Common Retirement Fund now owns 219,253 shares of the biopharmaceutical company’s stock worth $1,732,000 after buying an additional 50,735 shares in the last quarter. Morgan Stanley boosted its stake in Merrimack Pharmaceuticals by 5.3% in the fourth quarter. Morgan Stanley now owns 1,017,971 shares of the biopharmaceutical company’s stock worth $8,042,000 after buying an additional 50,803 shares in the last quarter. Finally, Westfield Capital Management Co. LP boosted its stake in Merrimack Pharmaceuticals by 11.4% in the fourth quarter. Westfield Capital Management Co. LP now owns 7,255,815 shares of the biopharmaceutical company’s stock worth $57,321,000 after buying an additional 744,254 shares in the last quarter.

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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