Mereo BioPharma Group (NASDAQ:MREO) Stock Price Down 2.6% – Here’s Why

Mereo BioPharma Group plc (NASDAQ:MREO) shares fell 2.6% on Thursday . The stock traded as low as $3.65 and last traded at $3.71. 174,809 shares traded hands during trading, a decline of 79% from the average session volume of 830,890 shares. The stock had previously closed at $3.81.

Analyst Ratings Changes

MREO has been the topic of several research analyst reports. Lifesci Capital initiated coverage on Mereo BioPharma Group in a report on Tuesday. They issued an “outperform” rating and a $10.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research note on Tuesday, November 12th. Cantor Fitzgerald raised Mereo BioPharma Group to a “strong-buy” rating in a research note on Sunday, December 8th. Finally, Jefferies Financial Group assumed coverage on shares of Mereo BioPharma Group in a report on Friday, December 6th. They set a “buy” rating and a $7.00 target price for the company. Four investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $7.83.

Mereo BioPharma Group Trading Down 1.6 %

The firm has a fifty day moving average price of $3.85 and a 200 day moving average price of $4.02.

Institutional Trading of Mereo BioPharma Group

Several hedge funds have recently made changes to their positions in the company. Frazier Life Sciences Management L.P. acquired a new position in Mereo BioPharma Group in the second quarter valued at approximately $15,845,000. Integral Health Asset Management LLC raised its position in Mereo BioPharma Group by 86.8% in the second quarter. Integral Health Asset Management LLC now owns 1,775,000 shares of the company’s stock valued at $6,390,000 after purchasing an additional 825,000 shares during the period. Rubric Capital Management LP lifted its stake in shares of Mereo BioPharma Group by 12.9% in the 2nd quarter. Rubric Capital Management LP now owns 15,307,347 shares of the company’s stock valued at $55,106,000 after purchasing an additional 1,754,350 shares during the last quarter. Deerfield Management Company L.P. Series C purchased a new position in shares of Mereo BioPharma Group during the 2nd quarter worth $24,158,000. Finally, Millennium Management LLC increased 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 worth $11,526,000 after purchasing an additional 1,022,570 shares during the last quarter. Hedge funds and other 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.