Merrimack Pharmaceuticals Inc (NASDAQ: MACK)
Merrimack Pharmaceuticals is having an incredibly strong day in the market today, and it seems like the stock’s only going to go further into the green. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to MACK ahead.
What We’re Seeing From MACK
As mentioned above, Merrimack Pharmaceuticals is having a very strong day in the market today. Since the opening bell, the stock has been heading upward and seems to be continuing on that path. Currently (12:04), MACK is trading at $6.54 per share after a gain of $0.28 per share (4.55%) thus far today.
Why The Stock Is Gaining
As usual, when we saw how high MACK had climbed in the market, the CNA Finance team had to do some digging to see what’s going on. It didn’t take time to dig the story up. Apparently, earlier today, JPMorgan outlined Merrimack Pharmaceuticals as a potential takeover target for Shire (SHPG).
Investors seem to be reacting to the statements and for good reason. Often times, trusted investment banks will make statements that one company is a strong target for another, and at some point down the line, the acquisition does happen. So, investors seem to be getting in on MACK in hopes that an acquisition is coming down the line soon.
What We’ll Be Watching For Ahead
Moving forward, we’ll be keeping a close eye on this story as it unfolds. However, it’s important to remember that there hasn’t been anything from MACK insinuating that the company is ready to sell. There also hasn’t been anything from SHPG insinuating that it is ready to make an offer. Nonetheless, this will be an interesting story to follow.
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