Merrimack Pharmaceuticals Falls Back To Support Following JPMorgan Downgrade

Merrimack Pharmaceuticals Inc MACK shares are trading lower by $0.23 at $5.75 in Friday's session. The catalyst for the decline is downgrade from JPMorgan from Overweight to Neutral.

The downgrade comes a few weeks after the issue made a quick sprint from $4.51 to $6.62 in only three days back in late September.

After making the high, it consolidated in the lower $6 handle before falling under $6 on Tuesday, closing at $5.96 and has not been able to post a close above that level over the next two days.

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The downgrade has taken the issue to an important support level. On September 23, it posted a low a low at $5.68 and has not been below that level since that day. At this time, the intra-day low stands at $5.71 and the issue has struggled to distance itself from it.

If that level is breached, based on daily levels, the next major support level may not come in until its September 22 low at $5.10.

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