Merrimack Pharmaceuticals IPO watch: Cancer drug research company Merrimack Pharmaceuticals landed on the Nasdaq Stock Exchange under the ticker symbol “MACK” on Thursday. The Merrimack Pharmaceuticals stock price opened at $6.28 per share, down 10.3% over the Merrimack Pharmaceuticals IPO price of $7 per share; then the Merrimack Pharmaceuticals stock price continued to fluctuate down, to finish at $6.04 per share, a big decrease of 13.71% compared with the IPO price. Calculated by the closing price, the company’s market capitalization is approximately $558 million.
The Merrimack Pharmaceuticals stock price maintained the downward momentum with a loss of $0.12, or 1.99% in the after-hours trading. Obviously, investors were pessimistic on the outlook for the growth of the company.
JP Morgan worked as the Merrimack Pharmaceuticals IPO’s lead underwriter. Merrimack Pharmaceuticals issued 14.30 million shares of common stock in this public offering. According to the previous prospectus submitted by Merrimack Pharmaceuticals, the IPO price had been expected to be between $8 and $10 per share, but the Merrimack Pharmaceuticals IPO was postponed in January.