Merrimack Pharmaceuticals (NASDAQ:MACK) Shares Up 9.9%

Merrimack Pharmaceuticals Inc (NASDAQ:MACK)’s share price was up 9.9% during mid-day trading on Tuesday . The stock traded as high as $4.19 and last traded at $4.12, approximately 114,941 shares traded hands during trading. An increase of 88% from the average daily volume of 61,162 shares. The stock had previously closed at $3.75.

Separately, ValuEngine raised Merrimack Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Friday, November 1st.

The company’s 50 day moving average price is $3.97 and its 200-day moving average price is $5.35.

The company also recently declared a — dividend, which will be paid on Monday, December 23rd. Investors of record on Monday, December 16th will be given a dividend of $0.50 per share. The ex-dividend date is Friday, December 13th.

A number of institutional investors have recently added to or reduced their stakes in MACK. Nuveen Asset Management LLC purchased a new position in Merrimack Pharmaceuticals in the second quarter worth $2,867,000. Vanguard Group Inc. raised its position in Merrimack Pharmaceuticals by 67.6% in the second quarter. Vanguard Group Inc. now owns 377,010 shares of the biopharmaceutical company’s stock worth $2,281,000 after acquiring an additional 152,080 shares during the period. Sepio Capital LLC purchased a new position in Merrimack Pharmaceuticals in the third quarter valued at about $1,033,000. LVW Advisors LLC bought a new stake in Merrimack Pharmaceuticals during the 3rd quarter valued at $308,000. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Merrimack Pharmaceuticals by 41.7% during the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 34,439 shares of the biopharmaceutical company’s stock valued at $208,000 after acquiring an additional 10,139 shares during the period. Institutional investors and hedge funds own 49.42% of the company’s stock.

About Merrimack Pharmaceuticals (NASDAQ:MACK)

Merrimack Pharmaceuticals, Inc operates as a clinical stage biopharmaceutical company that targets biomarker-defined cancers. The company is developing MM-310, an antibody-directed nanotherapeutic, which is in Phase I clinical trial to treat patients with solid tumors. Its preclinical product candidates include MM-401, an agonistic antibody targeting a novel immuno-oncology target; and MM-201, a stabilized agonist-Fc fusion protein targeting death receptors 4 and 5.

Featured Article: How much can an individual set aside as a catch-up contribution?

Receive News & Ratings for Merrimack Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Merrimack Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.