Mereo BioPharma Group’s (MREO) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Mereo BioPharma Group (NASDAQ:MREO) in a research note published on Tuesday,Benzinga reports. They currently have a $7.00 price target on the stock.

Separately, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a report on Tuesday, October 1st. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $7.50.

Mereo BioPharma Group Stock Performance

Shares of NASDAQ MREO traded down $0.22 during midday trading on Tuesday, hitting $3.60. 944,008 shares of the company’s stock were exchanged, compared to its average volume of 768,369. Mereo BioPharma Group has a 12 month low of $3.58 and a 12 month high of $5.02. The company’s 50 day moving average price is $4.26 and its 200 day moving average price is $3.93.

Insider Activity

In other news, CEO Denise Scots-Knight sold 28,611 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $4.47, for a total value of $127,891.17. Following the completion of the transaction, the chief executive officer now directly owns 868,967 shares in the company, valued at approximately $3,884,282.49. This represents a 3.19 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Deepika Pakianathan sold 105,244 shares of the stock in a transaction dated Thursday, August 22nd. The shares were 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. In the last ninety days, insiders sold 158,175 shares of company stock worth $702,832. 4.13% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mereo BioPharma Group

A number of institutional investors have recently made changes to their positions in the stock. Rubric Capital Management LP boosted its holdings in Mereo BioPharma Group by 12.9% in the second quarter. Rubric Capital Management LP now owns 15,307,347 shares of the company’s stock valued at $55,106,000 after acquiring an additional 1,754,350 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Mereo BioPharma Group by 56.7% during the third quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company’s stock worth $50,865,000 after buying an additional 4,464,984 shares during the period. Deerfield Management Company L.P. Series C bought a new position in Mereo BioPharma Group during the second quarter worth $24,158,000. Frazier Life Sciences Management L.P. acquired a new position in Mereo BioPharma Group in the second quarter valued at $15,845,000. Finally, Millennium Management LLC boosted its position in shares of Mereo BioPharma Group by 46.9% during the 2nd quarter. Millennium Management LLC now owns 3,201,705 shares of the company’s stock valued at $11,526,000 after purchasing an additional 1,022,570 shares in the last quarter. Institutional investors own 62.83% of the company’s stock.

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.