Mereo BioPharma Group (NASDAQ:MREO) Shares Gap Down – What’s Next?

Mereo BioPharma Group plc (NASDAQ:MREO) gapped down prior to trading on Monday . The stock had previously closed at $3.55, but opened at $3.30. Mereo BioPharma Group shares last traded at $3.23, with a volume of 222,892 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MREO shares. Lifesci Capital started coverage on shares of Mereo BioPharma Group in a research note on Tuesday, December 24th. They set an “outperform” rating and a $10.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a report on Monday. Cantor Fitzgerald upgraded Mereo BioPharma Group to a “strong-buy” rating in a research note on Sunday, December 8th. Finally, Jefferies Financial Group began coverage on Mereo BioPharma Group in a report on Friday, December 6th. They issued a “buy” rating and a $7.00 price objective for the company. Four analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $7.83.

Mereo BioPharma Group Price Performance

The business’s fifty day moving average is $3.68 and its two-hundred day moving average is $4.00.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Rhumbline Advisers lifted its stake in Mereo BioPharma Group by 70.9% during the 2nd quarter. Rhumbline Advisers now owns 6,958 shares of the company’s stock valued at $25,000 after acquiring an additional 2,887 shares during the period. GAMMA Investing LLC boosted its stake 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 buying an additional 3,928 shares during the last quarter. State Street Corp purchased a new stake in Mereo BioPharma Group during the third quarter valued at $195,000. GSA Capital Partners LLP bought a new position in Mereo BioPharma Group in the third quarter valued at about $276,000. Finally, Fred Alger Management LLC boosted its position in Mereo BioPharma Group by 108.1% in the third quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock worth $422,000 after purchasing an additional 53,278 shares during the last quarter. Hedge funds and other institutional investors own 62.83% of the company’s stock.

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.