Mereo BioPharma Group (NASDAQ:MREO) Trading Down 4% – Here’s What Happened

Shares of Mereo BioPharma Group plc (NASDAQ:MREO) were down 4% on Monday . The company traded as low as $3.55 and last traded at $3.57. Approximately 419,846 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 799,852 shares. The stock had previously closed at $3.72.

Analyst Ratings Changes

A number of equities research analysts recently commented on MREO shares. Needham & Company LLC reaffirmed a “buy” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Tuesday, November 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research note on Tuesday, October 1st. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $7.50.

Mereo BioPharma Group Trading Down 9.1 %

The stock has a fifty day moving average of $4.15 and a 200-day moving average of $3.96.

Insiders Place Their Bets

In other news, General Counsel Charles Sermon sold 9,980 shares of Mereo BioPharma Group stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $4.47, for a total value of $44,610.60. Following the completion of the transaction, the general counsel now owns 240,007 shares of the company’s stock, valued at $1,072,831.29. This trade represents a 3.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Christine Ann Fox sold 9,128 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $4.47, for a total transaction of $40,802.16. Following the completion of the sale, the chief financial officer now directly owns 108,443 shares in the company, valued at approximately $484,740.21. The trade was a 7.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 52,931 shares of company stock valued at $236,602 in the last three months.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of large investors have recently made changes to their positions in the company. Frazier Life Sciences Management L.P. raised its stake in Mereo BioPharma Group by 15.8% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 5,097,779 shares of the company’s stock worth $20,952,000 after purchasing an additional 696,408 shares in the last quarter. State Street Corp bought a new position in shares of Mereo BioPharma Group in the third quarter worth $195,000. Polar Asset Management Partners Inc. raised its stake in Mereo BioPharma Group by 36.0% in the third quarter. Polar Asset Management Partners Inc. now owns 198,300 shares of the company’s stock valued at $815,000 after purchasing an additional 52,500 shares in the last quarter. Janus Henderson Group PLC lifted its position in 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 purchasing an additional 4,464,984 shares during the period. Finally, Fred Alger Management LLC grew its stake in Mereo BioPharma Group by 108.1% during the third quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock worth $422,000 after buying an additional 53,278 shares in the last quarter. Institutional investors own 62.83% of the company’s stock.

Mereo BioPharma Group Company Profile

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.