Cantor Fitzgerald Reiterates “Overweight” Rating for Mereo BioPharma Group (NASDAQ:MREO)

Cantor Fitzgerald restated their overweight rating on shares of Mereo BioPharma Group (NASDAQ:MREO) in a research note issued to investors on Wednesday morning, Benzinga reports. The firm currently has a $7.00 price objective on the stock.

Separately, Needham & Company LLC raised their price objective on shares of Mereo BioPharma Group from $6.00 to $7.00 and gave the company a buy rating in a research report on Wednesday.

Mereo BioPharma Group Stock Performance

Mereo BioPharma Group stock opened at $4.25 on Wednesday. The firm’s fifty day moving average price is $3.13 and its 200-day moving average price is $3.08. Mereo BioPharma Group has a fifty-two week low of $1.07 and a fifty-two week high of $4.41.

Mereo BioPharma Group (NASDAQ:MREO) last posted its quarterly earnings data on Wednesday, May 15th. The company reported ($0.01) earnings per share for the quarter. On average, equities analysts forecast that Mereo BioPharma Group will post 0.03 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Alexandra Hughes-Wilson sold 100,432 shares of Mereo BioPharma Group stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $2.97, for a total value of $298,283.04. Following the transaction, the insider now owns 32,568 shares in the company, valued at approximately $96,726.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.13% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of large investors have recently added to or reduced their stakes in MREO. Formidable Asset Management LLC purchased a new position in Mereo BioPharma Group in the 3rd quarter worth $428,000. Tejara Capital Ltd grew its holdings in Mereo BioPharma Group by 5.8% in the 3rd quarter. Tejara Capital Ltd now owns 3,215,001 shares of the company’s stock worth $4,147,000 after acquiring an additional 177,030 shares during the last quarter. 683 Capital Management LLC grew its holdings in Mereo BioPharma Group by 11.1% in the 3rd quarter. 683 Capital Management LLC now owns 6,000,000 shares of the company’s stock worth $7,740,000 after acquiring an additional 600,000 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in Mereo BioPharma Group in the 3rd quarter worth $1,032,000. Finally, Rock Springs Capital Management LP grew its holdings in Mereo BioPharma Group by 9.0% in the 3rd quarter. Rock Springs Capital Management LP now owns 7,676,481 shares of the company’s stock worth $9,903,000 after acquiring an additional 634,090 shares during the last quarter. Hedge funds and other 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.