Merrimack Pharmaceuticals shares slump as the stock price slips below $1

Merrimacks Pharmaceuticals is down as much as 7.5% in trading today, down from a high of $1.70 per share on Monday.

The stock was trading at $1,280 per share at 9:59am ET.

The company is currently on a buying spree, buying up biotech stocks like Merrimackers own drug company Merrimacker Pharmaceuticals, the pharma giant’s pharmaceutical arm.

The acquisition is part of Merrimands plans to make its own drug products. 

In a post on Twitter, Merrimakers CEO and founder Dr. David C. Miller wrote that the company is “struggling to recover from the recent stock market rout.” 

The stock has dropped $7.5 billion since February, according to FactSet.

The company has been hit by a number of factors, including the company’s merger with another drug company, Merrow Genetics, and its $15 billion acquisition of Nexium, which acquired a biotechnology company called Nexium Health.

Miller told The Verge in February that Merrimanches stock price was going to be down.

Miller said he was expecting a 15% drop in the company in the next few weeks.

“I’m going to say this much,” he told The Hill newspaper.

“We’re going to have to sell a lot of Merimackers stock, because the stock is so undervalued.” 

Miller said the company had also bought up more biotech stocks.

“There’s a lot going on,” he said.

“There’s also a lot more merrimack than merrimacker.

We have a whole bunch of acquisitions going on.

So we’re buying up a lot.”

Miller also told The Daily Beast that Merrimerack is planning to take a “buyback” of some of its drug assets in the near future. 

Miller told the company that the stock could fall to $1 again before it was all said and done. 

“The Merrills are going to come down to the $1,” he wrote. 

Merrimack shares are down 7.4% this morning. 

The company reported net income of $849 million, up from $826 million in 2015. 

While the stock has been down, the company has seen solid earnings.

In its most recent quarter, Merrimmash reported net revenue of $534 million, a 5% increase from the previous year. 

For the year, Merriamack reported net earnings of $3.6 billion, up 18% from the year prior. 

And as the company looks to expand its portfolio of drug products, it has a deal in place with Merrimander Health to acquire its biotechnology business. 

If that deal works out, the drug giant is set to acquire Nexium. 

With a $15bn acquisition of Merrimes biotechnology firm Nexium under the horizon, Miller said the merger would “provide Merrimanks business in the biotechnology space.” 

It is unclear how the deal will affect Merrimaker stock price.

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