Mereo BioPharma Group (NASDAQ:MREO) Hits New 12-Month Low – What’s Next?

Shares of Mereo BioPharma Group plc (NASDAQ:MREO) reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $3.62 and last traded at $3.63, with a volume of 102993 shares traded. The stock had previously closed at $3.82.

Analysts Set New Price Targets

MREO has been the subject of several recent analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research note on Tuesday, October 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research note on Tuesday. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Mereo BioPharma Group has an average rating of “Buy” and an average target price of $7.50.

Mereo BioPharma Group Stock Down 5.8 %

The company has a fifty day moving average of $4.26 and a 200-day moving average of $3.93.

Insider Buying and Selling

In related news, General Counsel Charles Sermon sold 9,980 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $4.47, for a total value of $44,610.60. Following the completion of the sale, the general counsel now owns 240,007 shares of the company’s stock, valued at approximately $1,072,831.29. This trade represents a 3.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Deepika Pakianathan sold 105,244 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $4.43, for a total value of $466,230.92. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 158,175 shares of company stock worth $702,832. 4.13% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mereo BioPharma Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Rhumbline Advisers grew its stake in shares of Mereo BioPharma Group by 70.9% in the 2nd quarter. Rhumbline Advisers now owns 6,958 shares of the company’s stock valued at $25,000 after buying an additional 2,887 shares during the period. GAMMA Investing LLC lifted its holdings in Mereo BioPharma Group by 58.1% in the third quarter. GAMMA Investing LLC now owns 10,693 shares of the company’s stock valued at $44,000 after acquiring an additional 3,928 shares during the last quarter. SG Americas Securities LLC purchased a new position in Mereo BioPharma Group in the first quarter worth approximately $54,000. BNP Paribas Financial Markets increased its stake in Mereo BioPharma Group by 581,066.7% during the first quarter. BNP Paribas Financial Markets now owns 17,435 shares of the company’s stock worth $58,000 after acquiring an additional 17,432 shares during the last quarter. Finally, Index Fund Advisors Inc. acquired a new stake in Mereo BioPharma Group during the first quarter worth $99,000. 62.83% of the stock is currently owned by institutional investors and hedge funds.

About Mereo BioPharma Group

Mereo BioPharma Group plc, a biopharmaceutical company, develops and commercializes therapeutics for the treatment of oncology and rare diseases in the United Kingdom, the United States, and internationally. It develops Etigilimab (MPH-313), an antibody T-cell immunoreceptor with Ig and ITIM domains, which is in Phase 1b clinical trial for the treatment of tumors.