Merrimack Pharmaceuticals (NASDAQ:MACK) Downgraded by StockNews.com

StockNews.com lowered shares of Merrimack Pharmaceuticals (NASDAQ:MACK) from a hold rating to a sell rating in a research note released on Monday morning.

Merrimack Pharmaceuticals Stock Performance

NASDAQ MACK opened at $15.13 on Monday. The firm has a market cap of $219.84 million, a price-to-earnings ratio of 1.09 and a beta of 1.45. The firm has a 50 day simple moving average of $14.80 and a 200-day simple moving average of $13.85. Merrimack Pharmaceuticals has a one year low of $11.53 and a one year high of $15.89.

Merrimack Pharmaceuticals (NASDAQ:MACK) last released its earnings results on Wednesday, May 15th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter.

Merrimack Pharmaceuticals Increases Dividend

The business also recently announced a dividend, which will be paid on Friday, May 17th. Investors of record on Tuesday, May 21st will be paid a dividend of $15.10 per share. This represents a yield of 99.87%. This is a boost from Merrimack Pharmaceuticals’s previous dividend of $1.50. The ex-dividend date is Monday, May 20th.

Institutional Investors Weigh In On Merrimack Pharmaceuticals

Hedge funds have recently bought and sold shares of the stock. Kennedy Capital Management LLC grew its position in shares of Merrimack Pharmaceuticals by 2.4% during the third quarter. Kennedy Capital Management LLC now owns 93,708 shares of the biopharmaceutical company’s stock worth $1,155,000 after buying an additional 2,202 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Merrimack Pharmaceuticals in the fourth quarter worth approximately $159,000. Wittenberg Investment Management Inc. grew its holdings in Merrimack Pharmaceuticals by 2.3% during the 3rd quarter. Wittenberg Investment Management Inc. now owns 209,739 shares of the biopharmaceutical company’s stock worth $2,586,000 after acquiring an additional 4,745 shares in the last quarter. Strs Ohio purchased a new stake in shares of Merrimack Pharmaceuticals in the 4th quarter valued at approximately $44,000. Finally, Sepio Capital LP raised its holdings in shares of Merrimack Pharmaceuticals by 4.1% in the 3rd quarter. Sepio Capital LP now owns 306,680 shares of the biopharmaceutical company’s stock valued at $3,781,000 after purchasing an additional 12,135 shares in the last quarter. Institutional investors and hedge funds own 63.97% of the company’s stock.

About Merrimack Pharmaceuticals

Merrimack Pharmaceuticals, Inc operates as a biopharmaceutical company in the United States. The company was incorporated in 1993 and is headquartered in Cambridge, Massachusetts.