Insider Selling: Merrimack Pharmaceuticals Inc. (MACK) Insider Sells 50,000 Shares of Stock

Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) insider Birgit M. Schoeberl sold 50,000 shares of the stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $5.50, for a total value of $275,000.00. Following the transaction, the insider now owns 115,657 shares of the company’s stock, valued at $636,113.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) traded down 0.18% on Wednesday, reaching $5.62. The company’s stock had a trading volume of 2,323,723 shares. Merrimack Pharmaceuticals Inc. has a 52-week low of $5.02 and a 52-week high of $11.18. The company’s market cap is $717.81 million. The firm’s 50-day moving average price is $5.78 and its 200 day moving average price is $6.60.

Merrimack Pharmaceuticals (NASDAQ:MACK) last released its quarterly earnings results on Monday, May 2nd. The biopharmaceutical company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.05. The company earned $21.30 million during the quarter, compared to the consensus estimate of $24.16 million. The company’s revenue was up 43.4% on a year-over-year basis. Equities analysts anticipate that Merrimack Pharmaceuticals Inc. will post ($0.75) EPS for the current fiscal year.

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

A hedge fund recently raised its stake in Merrimack Pharmaceuticals stock. California State Teachers Retirement System raised its position in shares of Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) by 6.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 214,167 shares of the biopharmaceutical company’s stock after buying an additional 13,522 shares during the period. California State Teachers Retirement System owned about 0.19% of Merrimack Pharmaceuticals worth $1,692,000 as of its most recent filing with the SEC.

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.