Fred Alger Management LLC Acquires 53,278 Shares of Mereo BioPharma Group plc (NASDAQ:MREO)

Fred Alger Management LLC grew its holdings in Mereo BioPharma Group plc (NASDAQ:MREO) by 108.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 102,582 shares of the company’s stock after buying an additional 53,278 shares during the quarter. Fred Alger Management LLC owned approximately 0.07% of Mereo BioPharma Group worth $422,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in MREO. Deerfield Management Company L.P. Series C purchased a new stake in Mereo BioPharma Group in the second quarter worth $24,158,000. Frazier Life Sciences Management L.P. purchased a new stake in shares of Mereo BioPharma Group in the 2nd quarter worth about $15,845,000. Rubric Capital Management LP boosted its stake in shares of Mereo BioPharma Group by 12.9% during 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 in the last quarter. Perceptive Advisors LLC bought a new stake in shares of Mereo BioPharma Group during the 2nd quarter valued at about $4,512,000. Finally, Marshall Wace LLP purchased a new position in shares of Mereo BioPharma Group during the second quarter valued at about $4,119,000. 62.83% of the stock is currently owned by institutional investors.

Mereo BioPharma Group Stock Up 1.4 %

Mereo BioPharma Group stock opened at $3.61 on Monday. Mereo BioPharma Group plc has a one year low of $3.17 and a one year high of $5.02. The business’s fifty day moving average is $4.08 and its 200 day moving average is $3.98.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MREO. Cantor Fitzgerald reiterated an “overweight” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a report on Tuesday, October 1st. 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. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $7.50.

Insider Activity

In other Mereo BioPharma Group news, CEO Denise Scots-Knight sold 28,611 shares of the 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 transaction, the chief executive officer now owns 868,967 shares of the company’s stock, valued at approximately $3,884,282.49. This represents a 3.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Charles Sermon sold 9,980 shares of the business’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 of the company’s stock, valued at approximately $1,072,831.29. This represents a 3.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,931 shares of company stock valued at $236,602 in the last 90 days. 4.13% of the stock is currently owned by insiders.

Mereo BioPharma Group 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.