Mereo BioPharma Group (NASDAQ:MREO) Earns “Buy” Rating from Needham & Company LLC

Mereo BioPharma Group (NASDAQ:MREO)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a report issued on Tuesday,Benzinga reports. They currently have a $7.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 72.84% from the stock’s previous close.

Separately, Cantor Fitzgerald reiterated an “overweight” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a report on Tuesday, October 1st. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Mereo BioPharma Group currently has an average rating of “Buy” and a consensus target price of $7.50.

Mereo BioPharma Group Trading Down 1.2 %

MREO opened at $4.05 on Tuesday. The firm’s 50 day moving average is $4.28 and its 200-day moving average is $3.93. Mereo BioPharma Group has a 52-week low of $3.64 and a 52-week high of $5.02.

Insider Buying and Selling

In other Mereo BioPharma Group news, General Counsel Charles Sermon sold 9,980 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $4.47, for a total transaction of $44,610.60. Following the transaction, the general counsel now directly owns 240,007 shares in the company, valued at $1,072,831.29. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, General Counsel Charles Sermon sold 9,980 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $4.47, for a total value of $44,610.60. Following the sale, the general counsel now owns 240,007 shares in the company, valued at approximately $1,072,831.29. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Denise Scots-Knight sold 28,611 shares of Mereo BioPharma Group stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $4.47, for a total value of $127,891.17. Following the completion of the transaction, the chief executive officer now owns 868,967 shares of the company’s stock, valued at $3,884,282.49. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 158,175 shares of company stock worth $702,832. Insiders own 4.13% of the company’s stock.

Institutional Investors Weigh In On Mereo BioPharma Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Rhumbline Advisers boosted its holdings in Mereo BioPharma Group by 70.9% in the second quarter. Rhumbline Advisers now owns 6,958 shares of the company’s stock worth $25,000 after purchasing an additional 2,887 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Mereo BioPharma Group by 58.1% in the 3rd quarter. GAMMA Investing LLC now owns 10,693 shares of the company’s stock valued at $44,000 after buying an additional 3,928 shares during the period. SG Americas Securities LLC bought a new stake in shares of Mereo BioPharma Group during the 1st quarter valued at about $54,000. BNP Paribas Financial Markets grew its position in shares of Mereo BioPharma Group by 581,066.7% during the 1st quarter. BNP Paribas Financial Markets now owns 17,435 shares of the company’s stock valued at $58,000 after buying an additional 17,432 shares during the last quarter. Finally, Index Fund Advisors Inc. acquired a new stake in Mereo BioPharma Group during the first quarter worth about $99,000. 62.83% of the stock is owned by institutional investors and hedge funds.

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.