Over 80 million shares that were restricted for six months since the IPO in March hit the market all at once today. This movement is NOT unexpected. Many shareholders had purchased stock in Merrimack seven or more years ago and they are taking some money off the table. As well, the shorts correctly guessed that this would happen and they are accentuating the drop.
Nothing has changed at the company. This is a one time aberration that will take a few days to settle out, and then it will be business as usual. Looking forward personally to getting the info from the European cancer conference next week. Very important, but also very early, data coming.