Short Interest in Mereo BioPharma Group plc (NASDAQ:MREO) Expands By 23.2%

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

Mereo BioPharma Group Stock Performance

NASDAQ:MREO traded up $0.01 on Monday, hitting $3.62. 279,624 shares of the stock were exchanged, compared to its average volume of 794,835. Mereo BioPharma Group has a 52 week low of $3.17 and a 52 week high of $5.02. The company’s 50-day moving average price is $4.08 and its 200 day moving average price is $3.98.

Insider Transactions at Mereo BioPharma Group

In other news, CEO Denise Scots-Knight sold 28,611 shares of Mereo BioPharma Group stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 868,967 shares in the company, valued at approximately $3,884,282.49. The trade was a 3.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Charles Sermon sold 9,980 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was 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 trade 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 valued at $236,602. Corporate insiders own 4.13% of the company’s stock.

Institutional Investors Weigh In On Mereo BioPharma Group

Institutional investors and hedge funds have recently modified their holdings of the business. Rubric Capital Management LP grew its holdings in Mereo BioPharma Group by 12.9% during the second 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 during the period. Janus Henderson Group PLC raised its position in shares of Mereo BioPharma Group by 56.7% during the third quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company’s stock worth $50,865,000 after purchasing an additional 4,464,984 shares during the period. Deerfield Management Company L.P. Series C bought a new position in shares of Mereo BioPharma Group during the 2nd quarter valued at about $24,158,000. Frazier Life Sciences Management L.P. grew its position in shares of Mereo BioPharma Group by 15.8% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 5,097,779 shares of the company’s stock valued at $20,952,000 after purchasing an additional 696,408 shares during the period. Finally, Millennium Management LLC increased its stake in Mereo BioPharma Group by 46.9% during the 2nd quarter. Millennium Management LLC now owns 3,201,705 shares of the company’s stock worth $11,526,000 after purchasing an additional 1,022,570 shares in the last quarter. 62.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MREO. Cantor Fitzgerald reiterated an “overweight” rating and set a $7.00 price target on shares of Mereo BioPharma Group in a research report on Tuesday, October 1st. Needham & Company LLC reissued a “buy” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a report on Tuesday, November 12th. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $7.50.

Mereo BioPharma Group Company 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.