Candriam Luxembourg S.C.A. lowered its stake in Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) by 15.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 730,000 shares of the biopharmaceutical company’s stock after selling 129,000 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Merrimack Pharmaceuticals were worth $905,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Guggenheim Capital LLC purchased a new stake in shares of Merrimack Pharmaceuticals during the fourth quarter valued at $1,166,000. Norges Bank purchased a new stake in shares of Merrimack Pharmaceuticals during the fourth quarter valued at $3,794,000. Yakira Capital Management Inc. purchased a new stake in shares of Merrimack Pharmaceuticals during the first quarter valued at $765,000. Airain ltd purchased a new stake in shares of Merrimack Pharmaceuticals during the first quarter valued at $281,000. Finally, American International Group Inc. raised its stake in shares of Merrimack Pharmaceuticals by 7.1% in the first quarter. American International Group Inc. now owns 75,158 shares of the biopharmaceutical company’s stock valued at $231,000 after buying an additional 4,975 shares during the last quarter. 58.53% of the stock is currently owned by institutional investors.

Merrimack Pharmaceuticals, Inc. (MACK) opened at 1.26 on Monday. The company’s 50 day moving average price is $1.32 and its 200 day moving average price is $2.51. Merrimack Pharmaceuticals, Inc. has a 52-week low of $1.13 and a 52-week high of $6.79. The company has a market cap of $167.32 million, a P/E ratio of 0.39 and a beta of 2.02.

Merrimack Pharmaceuticals (NASDAQ:MACK) last issued its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.22) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.14) by $0.08. During the same quarter in the previous year, the business earned ($0.40) earnings per share. Equities research analysts anticipate that Merrimack Pharmaceuticals, Inc. will post $0.76 EPS for the current fiscal year.

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Several analysts have recently weighed in on MACK shares. Zacks Investment Research lowered Merrimack Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. ValuEngine lowered Merrimack Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Friday, June 2nd. Finally, Cowen and Company reissued a “market perform” rating on shares of Merrimack Pharmaceuticals in a report on Friday, May 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $7.09.

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

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

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