Bank of New York Mellon Corp Decreases Position in Merrimack Pharmaceuticals, Inc. (MACK)

Bank of New York Mellon Corp Decreases Position in Merrimack Pharmaceuticals, Inc. (MACK)

Bank of New York Mellon Corp lowered its stake in Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) by 2.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 658,214 shares of the biopharmaceutical company’s stock after selling 19,815 shares during the period. Bank of New York Mellon Corp owned 0.51% of Merrimack Pharmaceuticals worth $4,180,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Stoneridge Investment Partners LLC increased its stake in Merrimack Pharmaceuticals by 22.9% in the third quarter. Stoneridge Investment Partners LLC now owns 221,838 shares of the biopharmaceutical company’s stock valued at $1,409,000 after buying an additional 41,304 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in Merrimack Pharmaceuticals by 1.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 438,355 shares of the biopharmaceutical company’s stock valued at $2,363,000 after buying an additional 8,286 shares in the last quarter. Boston Advisors LLC acquired a new stake in Merrimack Pharmaceuticals during the second quarter valued at approximately $311,000. Nationwide Fund Advisors increased its stake in Merrimack Pharmaceuticals by 29.0% in the second quarter. Nationwide Fund Advisors now owns 120,513 shares of the biopharmaceutical company’s stock valued at $650,000 after buying an additional 27,098 shares in the last quarter. Finally, Swiss National Bank increased its stake in Merrimack Pharmaceuticals by 5.5% in the second quarter. Swiss National Bank now owns 185,600 shares of the biopharmaceutical company’s stock valued at $1,000,000 after buying an additional 9,600 shares in the last quarter. Institutional investors and hedge funds own 73.54% of the company’s stock.

Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) opened at 3.08 on Friday. The firm’s market cap is $399.21 million. Merrimack Pharmaceuticals, Inc. has a 52-week low of $2.83 and a 52-week high of $9.02. The company’s 50 day moving average is $3.99 and its 200-day moving average is $5.07.

Merrimack Pharmaceuticals (NASDAQ:MACK) last issued its quarterly earnings results on Wednesday, November 9th. The biopharmaceutical company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.04. The business had revenue of $28.07 million for the quarter, compared to the consensus estimate of $41 million. During the same quarter in the previous year, the business earned ($0.38) earnings per share. The firm’s revenue was up 71.3% on a year-over-year basis. On average, equities analysts predict that Merrimack Pharmaceuticals, Inc. will post ($1.16) EPS for the current fiscal year.

MACK has been the topic of several recent research reports. Zacks Investment Research upgraded shares of Merrimack Pharmaceuticals from a “hold” rating to a “buy” rating and set a $5.50 target price on the stock in a research report on Wednesday, October 19th. Cowen and Company restated a “market perform” rating on shares of Merrimack Pharmaceuticals in a research report on Tuesday, January 24th. BTIG Research restated a “neutral” rating on shares of Merrimack Pharmaceuticals in a research report on Wednesday, October 5th. Robert W. Baird restated a “neutral” rating and issued a $7.00 price target on shares of Merrimack Pharmaceuticals in a research report on Friday, December 23rd. Finally, Vetr upgraded shares of Merrimack Pharmaceuticals from a “strong sell” rating to a “strong-buy” rating and set a $10.86 price target on the stock in a research report on Tuesday, November 29th. Four research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $9.06.

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. Its therapeutic oncology candidates in clinical development include MM-398, MM-302, MM-121, MM-141 and MM-151.

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