Mereo BioPharma Group (NASDAQ:MREO) Shares Up 3.3%

Mereo BioPharma Group plc (NASDAQ:MREO)’s stock price traded up 3.3% during mid-day trading on Tuesday . The stock traded as high as $4.69 and last traded at $4.64. 72,518 shares were traded during mid-day trading, a decline of 92% from the average session volume of 894,922 shares. The stock had previously closed at $4.49.

Analysts Set New Price Targets

MREO has been the topic of several research reports. Leerink Partners upped their price target on shares of Mereo BioPharma Group from $6.00 to $8.00 and gave the company an “outperform” rating in a research note on Thursday, June 20th. Needham & Company LLC reiterated a “buy” rating and issued a $7.00 target price on shares of Mereo BioPharma Group in a research report on Tuesday, August 13th. Robert W. Baird began coverage on shares of Mereo BioPharma Group in a report on Thursday, June 13th. They set an “outperform” rating and a $8.00 price target on the stock. Baird R W upgraded Mereo BioPharma Group to a “strong-buy” rating in a report on Thursday, June 13th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a research report on Monday, July 22nd. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $7.50.

Mereo BioPharma Group Trading Up 2.0 %

The business’s 50-day moving average price is $4.11 and its 200 day moving average price is $3.58.

Insider Activity

In related news, insider John A. Lewicki sold 7,416 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $3.69, for a total transaction of $27,365.04. Following the completion of the sale, the insider now directly owns 65,587 shares in the company, valued at approximately $242,016.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Mereo BioPharma Group news, CEO Denise Scots-Knight sold 40,712 shares of Mereo BioPharma Group stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $3.69, for a total value of $150,227.28. Following the completion of the sale, the chief executive officer now owns 801,791 shares of the company’s stock, valued at approximately $2,958,608.79. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider John A. Lewicki sold 7,416 shares of Mereo BioPharma Group stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $3.69, for a total transaction of $27,365.04. Following the transaction, the insider now owns 65,587 shares in the company, valued at approximately $242,016.03. The disclosure for this sale can be found here. In the last 90 days, insiders sold 180,564 shares of company stock valued at $744,162. Corporate insiders own 4.13% of the company’s stock.

Hedge Funds Weigh In On Mereo BioPharma Group

Hedge funds have recently made changes to their positions in the business. NEOS Investment Management LLC increased its stake in Mereo BioPharma Group by 751.5% during the fourth quarter. NEOS Investment Management LLC now owns 351,905 shares of the company’s stock worth $813,000 after acquiring an additional 310,577 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in Mereo BioPharma Group in the first quarter worth about $3,274,000. Janus Henderson Group PLC purchased a new stake in Mereo BioPharma Group during the 1st quarter worth approximately $16,949,000. Rubric Capital Management LP increased its position in shares of Mereo BioPharma Group by 16.7% in the 4th quarter. Rubric Capital Management LP now owns 13,552,997 shares of the company’s stock valued at $31,307,000 after acquiring an additional 1,936,877 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of Mereo BioPharma Group by 581,066.7% in the first quarter. BNP Paribas Financial Markets now owns 17,435 shares of the company’s stock worth $58,000 after purchasing an additional 17,432 shares during 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.