Mereo BioPharma Group (NASDAQ:MREO) Trading Down 4.9%

Mereo BioPharma Group plc (NASDAQ:MREO) shares dropped 4.9% during mid-day trading on Thursday . The stock traded as low as $4.42 and last traded at $4.43. Approximately 312,758 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 870,208 shares. The stock had previously closed at $4.66.

Analysts Set New Price Targets

A number of equities analysts have weighed in on MREO shares. Robert W. Baird began coverage on shares of Mereo BioPharma Group in a research note on Thursday, June 13th. They issued an “outperform” rating and a $8.00 target price for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $7.00 target price on shares of Mereo BioPharma Group in a research report on Monday, July 22nd. Baird R W raised shares of Mereo BioPharma Group to a “strong-buy” rating in a research report on Thursday, June 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $7.00 price target on shares of Mereo BioPharma Group in a research report on Tuesday, August 13th. Finally, Leerink Partners upped their price objective on Mereo BioPharma Group from $6.00 to $8.00 and gave the stock an “outperform” rating in a research note on Thursday, June 20th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $7.50.

Mereo BioPharma Group Stock Performance

The company has a fifty day moving average of $4.16 and a two-hundred day moving average of $3.60.

Insider Activity at Mereo BioPharma Group

In other Mereo BioPharma Group news, Director Deepika Pakianathan sold 105,244 shares of Mereo BioPharma Group stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $4.43, for a total value of $466,230.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, General Counsel Charles Sermon sold 14,202 shares of Mereo BioPharma Group 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 $52,405.38. Following the transaction, the general counsel now directly owns 216,574 shares of the company’s stock, valued at $799,158.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Deepika Pakianathan sold 105,244 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $4.43, for a total value of $466,230.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 180,564 shares of company stock worth $744,162. Corporate insiders own 4.13% of the company’s stock.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of institutional investors have recently modified their holdings of MREO. Rhumbline Advisers raised its holdings in Mereo BioPharma Group by 70.9% in the 2nd quarter. Rhumbline Advisers now owns 6,958 shares of the company’s stock valued at $25,000 after buying an additional 2,887 shares during the last quarter. Advisors Preferred LLC acquired a new position in shares of Mereo BioPharma Group during the first quarter worth $28,000. SG Americas Securities LLC acquired a new position in shares of Mereo BioPharma Group during the first quarter worth $54,000. BNP Paribas Financial Markets grew its stake in shares of Mereo BioPharma Group by 581,066.7% in the first quarter. BNP Paribas Financial Markets now owns 17,435 shares of the company’s stock worth $58,000 after purchasing an additional 17,432 shares during the last quarter. Finally, Index Fund Advisors Inc. acquired a new stake in Mereo BioPharma Group in the first quarter valued at $99,000. Institutional investors and hedge funds 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.