Merrimack Pharmaceuticals (NASDAQ:MACK) has tumbled 2.85% during the past week and has dropped 6.12% in the last 4 week period. The stocks are negative as compared to the S&P 500 for the past week with a loss of 1.68%. Merrimack Pharmaceuticals (NASDAQ:MACK) has underperformed the index by 6.97% in the last 4 weeks. Investors should watch out for further signals and trade with caution.
Merrimack Pharmaceuticals (NASDAQ:MACK): The stock opened at $6.36 on Friday but the bulls could not build on the opening and the stock topped out at $6.46 for the day. The stock traded down to $6.10 during the day, due to lack of any buying support eventually closed down at $6.14 with a loss of -3.00% for the day. The stock had closed at $6.33 on the previous day. The total traded volume was 3,698,576 shares.
The company shares have dropped -50.04% from its 1 Year high price. On Jun 25, 2015, the shares registered one year high at $13.00 and the one year low was seen on Feb 24, 2016. The 50-Day Moving Average price is $6.59 and the 200 Day Moving Average price is recorded at $7.07.
On the companys insider trading activities, Porter Michael E, director of Merrimack Pharmaceuticals Inc, executed a transaction worth $36,000 on March 17, 2016. A total of 5,000 shares were purchased at an average price of $7.2. The Insider information was divulged by the Securities and Exchange Commission in a Form 4 filing. The information is based on open market trades at the market prices.Option exercises are not covered.
Many analysts have stated their opinion on the company shares. Baird initiates coverage on Merrimack Pharmaceuticals (NASDAQ:MACK). The current rating of the shares is Neutral, according to the research report released by the firm. The rating by the firm was issued on May 26, 2016. Currently the company Insiders own 11.49% of Merrimack Pharmaceuticals shares according to the proxy statements. Institutional Investors own 65.91% of Merrimack Pharmaceuticals shares. During last six month period, the net percent change held by insiders has seen a change of 12.41%.
Merrimack Pharmaceuticals, Inc. is a biopharmaceutical company discovering, developing and preparing to commercialize medicines consisting of therapeutics paired with companion diagnostics for the treatment of cancer. The Company has six targeted therapeutic oncology candidates in clinical development (MM-398, MM-302, MM-121, MM-111, MM-151 and MM-141). The Companys most advanced program is its investigational agent MM-398. The Company also has multiple product candidates in preclinical development and a discovery effort advancing additional candidate medicines. The Company has an agreement to utilize its manufacturing know-how to develop, manufacture and exclusively supply bulk drug to a third party, who processes the drug into a finished product and commercializes it globally. The Company is also developing in vitro and in vivo companion diagnostics for use with each of its oncology therapeutic product candidates.