Merrimack Pharmaceutical Inc – (MACK, +1, January 4th)
Eric Andersen (Non-Executive since 2019) bought $2.8 million of stock on the 30th of December at $10.67, increasing his stake by 20%. The purchases were indirect and on behalf of Western Standard, they now own 11.4% of the outstanding shares. They made a series of purchases into rising prices, buying initially at $2.88 in April 2020 and most recently at $6.42 in April 2021.
It’s notable to see them now making their largest purchase after very strong share price performance triggered by positive results in a pancreatic cancer clinical drug trial. We are ranking the stock +1. Note that on Andersen/Western Standard’s Form 4 filing, they refer to an agreement with Newtyn Partners (Noah Levy, Director) under which they agree to vote their shares as a “group” which would add up to a combined beneficial ownership of now 24.6% of the company.
We are ranking the stock +1.