Mereo BioPharma Group (NASDAQ:MREO) Hits New 1-Year Low – Should You Sell?

Mereo BioPharma Group plc (NASDAQ:MREO)’s stock price reached a new 52-week low on Friday . The company traded as low as $3.11 and last traded at $3.27, with a volume of 624004 shares changing hands. The stock had previously closed at $3.29.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on MREO shares. Jefferies Financial Group assumed coverage on shares of Mereo BioPharma Group in a research report on Friday, December 6th. They set a “buy” rating and a $7.00 price objective for the company. Cantor Fitzgerald raised shares of Mereo BioPharma Group to a “strong-buy” rating in a report on Sunday, December 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a report on Tuesday, November 12th. Four equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $7.40.

Mereo BioPharma Group Trading Up 2.4 %

The firm’s 50-day simple moving average is $3.92 and its two-hundred day simple moving average is $4.01.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MREO. Rhumbline Advisers grew its position in Mereo BioPharma Group by 70.9% during the second quarter. Rhumbline Advisers now owns 6,958 shares of the company’s stock valued at $25,000 after acquiring an additional 2,887 shares during the period. GAMMA Investing LLC raised its position 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 purchasing an additional 3,928 shares during the period. State Street Corp purchased a new stake in shares of Mereo BioPharma Group in the third quarter worth about $195,000. Polar Asset Management Partners Inc. raised its holdings in shares of Mereo BioPharma Group by 36.0% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 198,300 shares of the company’s stock valued at $815,000 after buying an additional 52,500 shares during the period. Finally, Fred Alger Management LLC boosted its holdings in Mereo BioPharma Group by 108.1% in the 3rd quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock worth $422,000 after acquiring an additional 53,278 shares during the period. Institutional investors and hedge funds 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.