Merrimack Pharmaceuticals Inc (NASDAQ: MACK)
Merrimack Pharmaceuticals was having a relatively interesting start to the trading session today. When the session started, the stock was slightly in the red. From there, it made a quick push to the green before falling back down. Nonetheless, that all changed minutes ago, as the stock started to spike upward. Below, we'll talk about what we're seeing from MACK, why, and what we'll be watching for ahead.
What We're Seeing From MACK
Merrimack Pharmaceuticals is having an interesting start to the day to say the least. At the opening bell, the stock was already trading red. However, it quickly pushed out of the red and into the green before falling back down early on. Then the stock started to spike upward just minutes ago. At the moment (10:23), MACK is trading at $3.38 per share after a gain of $0.17 per share (5.45%) thus far today.
Why The Stock Is Running Upward
As is almost always the case, our partners at Trade Ideas were the first to inform us of the upward movement on MACK. As soon as we received the alert, the CNA Finance team went to work to see why the stock was running for the top. While we were unable to uncover any fundamental releases from the company that would lead to such gains, we found a rumor that we believe is the culprit.
At the moment, there are rumors breaking on social media surrounding Merrimack Pharmaceuticals. Those rumors are that the company will soon be acquired. According to the rumors, the buyer will be Shire (SHPG). However, it's important to remember that most rumors lack validity, and this may not actually happen.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on MACK. In particular, we'll be watching to see if there is any validity to these rumors. After all, if the rumors are true and SHPG does acquire MACK, we can expect to see a strong premium and return of value to shareholders. We'll keep a close eye on the story and continue to bring it to you as it breaks!
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