Mereo BioPharma Group (NASDAQ:MREO) Hits New 52-Week Low at $3.64

Mereo BioPharma Group plc (NASDAQ:MREO)’s share price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $3.64 and last traded at $3.71, with a volume of 225300 shares traded. The stock had previously closed at $3.72.

Analysts Set New Price Targets

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

Mereo BioPharma Group Trading Up 1.1 %

The business has a 50 day simple moving average of $3.82 and a two-hundred day simple moving average of $3.49.

Mereo BioPharma Group (NASDAQ:MREO) last issued its quarterly earnings results on Wednesday, May 15th. The company reported ($0.01) EPS for the quarter.

Insider Transactions at Mereo BioPharma Group

In other Mereo BioPharma Group news, General Counsel Charles Sermon sold 14,202 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $3.69, for a total value of $52,405.38. Following the sale, the general counsel now directly owns 216,574 shares of the company’s stock, valued at $799,158.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Mereo BioPharma Group news, insider John A. Lewicki sold 7,416 shares of the business’s 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 completion of the transaction, the insider now owns 65,587 shares in the company, valued at approximately $242,016.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Charles Sermon sold 14,202 shares of the firm’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $3.69, for a total value of $52,405.38. Following the transaction, the general counsel now directly owns 216,574 shares in the company, valued at $799,158.06. The disclosure for this sale can be found here. In the last three months, insiders have sold 175,752 shares of company stock worth $576,214. 4.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mereo BioPharma Group

Large investors have recently bought and sold shares of the stock. Rubric Capital Management LP increased its stake in shares of Mereo BioPharma Group by 16.7% during the fourth 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. Janus Henderson Group PLC bought a new stake in shares of Mereo BioPharma Group in the 1st quarter worth $16,949,000. Renaissance Technologies LLC lifted its holdings in shares of Mereo BioPharma Group by 5.4% in the second quarter. Renaissance Technologies LLC now owns 1,762,003 shares of the company’s stock valued at $6,343,000 after buying an additional 89,694 shares during the period. abrdn plc bought a new position in Mereo BioPharma Group during the fourth quarter valued at about $3,583,000. Finally, Price T Rowe Associates Inc. MD acquired a new position in Mereo BioPharma Group during the first quarter worth about $3,274,000. 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.