Mereo BioPharma Group (NASDAQ:MREO) Shares Up 5.8%

Mereo BioPharma Group plc (NASDAQ:MREO)’s share price was up 5.8% during mid-day trading on Friday . The company traded as high as $4.84 and last traded at $4.77. 231,595 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 1,094,287 shares. The stock had previously closed at $4.51.

Analyst Upgrades and Downgrades

MREO has been the subject of a number of recent research reports. Baird R W raised shares of Mereo BioPharma Group to a “strong-buy” rating in a report on Thursday, June 13th. SVB Leerink lifted their price objective on Mereo BioPharma Group from $6.00 to $8.00 and gave the company an “outperform” rating in a report on Thursday, June 20th. Needham & Company LLC reissued a “buy” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a report on Tuesday, August 13th. Robert W. Baird started coverage on Mereo BioPharma Group in a research note on Thursday, June 13th. They issued an “outperform” rating and a $8.00 price target for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Monday, July 22nd. 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, Mereo BioPharma Group has a consensus rating of “Buy” and a consensus target price of $7.50.

Mereo BioPharma Group Stock Up 7.1 %

The business’s fifty day moving average price is $3.93 and its 200 day moving average price is $3.52.

Insider Activity

In related news, insider John A. Lewicki sold 7,416 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $3.69, for a total value 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 document filed with the SEC, which can be accessed through this link. In other news, CEO Denise Scots-Knight sold 40,712 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $3.69, for a total value of $150,227.28. Following the transaction, the chief executive officer now owns 801,791 shares in the company, valued at approximately $2,958,608.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John A. Lewicki sold 7,416 shares of Mereo BioPharma Group 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 transaction, the insider now directly owns 65,587 shares of the company’s stock, valued at approximately $242,016.03. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,320 shares of company stock worth $277,931. Insiders own 4.13% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. abrdn plc bought a new position in Mereo BioPharma Group during the fourth quarter worth $3,583,000. Golden State Equity Partners increased its position in Mereo BioPharma Group by 41.0% in the 4th quarter. Golden State Equity Partners now owns 20,300 shares of the company’s stock valued at $47,000 after buying an additional 5,900 shares in the last quarter. Monaco Asset Management SAM raised its stake in Mereo BioPharma Group by 13.6% during the 4th quarter. Monaco Asset Management SAM now owns 676,494 shares of the company’s stock worth $1,563,000 after buying an additional 80,765 shares during the period. NEOS Investment Management LLC boosted its holdings in Mereo BioPharma Group by 751.5% in the fourth quarter. NEOS Investment Management LLC now owns 351,905 shares of the company’s stock worth $813,000 after acquiring an additional 310,577 shares in the last quarter. Finally, Rubric Capital Management LP grew its stake in Mereo BioPharma Group by 16.7% in 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. 62.83% of the stock is owned by institutional investors.

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.