Mereo BioPharma Group plc (NASDAQ:MREO) Short Interest Up 23.2% in November

Mereo BioPharma Group plc (NASDAQ:MREO) saw a large growth in short interest in November. As of November 15th, there was short interest totalling 5,630,000 shares, a growth of 23.2% from the October 31st total of 4,570,000 shares. Based on an average daily trading volume, of 751,400 shares, the days-to-cover ratio is presently 7.5 days.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research note on Tuesday, November 12th. Cantor Fitzgerald restated an “overweight” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a report on Tuesday, October 1st. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $7.50.

Insider Activity

In other news, CEO Denise Scots-Knight sold 28,611 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $4.47, for a total value of $127,891.17. Following the sale, the chief executive officer now directly owns 868,967 shares of the company’s stock, valued at approximately $3,884,282.49. This represents a 3.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Charles Sermon sold 9,980 shares of the company’s 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 completion of the sale, the general counsel now directly owns 240,007 shares in the company, 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. In the last ninety days, insiders sold 52,931 shares of company stock worth $236,602. 4.13% of the stock is currently owned by corporate insiders.

Institutional Trading of Mereo BioPharma Group

Several institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers grew its holdings in shares of 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 last quarter. GAMMA Investing LLC raised its position 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 worth $44,000 after acquiring an additional 3,928 shares in the last quarter. State Street Corp bought a new position in shares of Mereo BioPharma Group in the 3rd quarter worth approximately $195,000. GSA Capital Partners LLP bought a new position in shares of Mereo BioPharma Group in the 3rd quarter worth approximately $276,000. Finally, Fred Alger Management LLC raised its position in shares of Mereo BioPharma Group by 108.1% in the 3rd quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock worth $422,000 after acquiring an additional 53,278 shares in the last quarter. 62.83% of the stock is currently owned by hedge funds and other institutional investors.

Mereo BioPharma Group Price Performance

NASDAQ:MREO traded up $0.02 on Monday, reaching $3.63. 312,047 shares of the company’s stock were exchanged, compared to its average volume of 795,264. The stock has a fifty day simple moving average of $4.08 and a 200-day simple moving average of $3.98. Mereo BioPharma Group has a 52 week low of $3.17 and a 52 week high of $5.02.

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.