Merrimack Pharmaceuticals Inc. (MACK) has been one of the best performers amongst all NYSE and NASDAQ listed stocks in the health care sector during morning trading on September 22. At the lunch break, shares of MACK have clocked gains of 9.65% to $5.57 after closing the day prior at $5.08. In the first two and a half hours of trading, the stock has gone as high as $5.58 and as low as $5.1. Today’s rise has come with about 3.4 million shares changing hands, compared to an average 30-day volume of 1.77 million for Merrimack Pharmaceuticals Inc.. The price is currently below the 30-day volume weighted average price of $5.34 for MACK.
The share appreciation gives the company a market capitalization of $656.54 million based upon 129.24 million shares outstanding. It also means that MACK has a price-to-book ratio of 52.55:1.
In the past 52 weeks, shares of MACK have traded as low as $4.39 and as high as $10.85. Technical traders will take note that at $5.57, shares of MACK are trading below their 200-day MA at $6.44 and above their 50-day MA at $5.1. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding above them is typically regarded as bullish.
Who is MACK?
Merrimack Pharmaceuticals Inc is engaged in discovering, developing and preparing to commercialize medicines consisting of novel therapeutics paired with companion diagnostics for the treatment of cancer. The company’s 426 employees are led by CEO Robert J. Mulroy from the corporate headquarters at One Kendall Square in Cambridge, MA.
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