Mereo BioPharma Group (NASDAQ:MREO) Sees Large Volume Increase

Mereo BioPharma Group plc (NASDAQ:MREO) shares saw strong trading volume on Friday . 819,990 shares traded hands during trading, a decline of 6% from the previous session’s volume of 876,832 shares.The stock last traded at $4.32 and had previously closed at $4.39.

Wall Street Analyst Weigh In

MREO has been the topic of a number of recent analyst reports. Baird R W raised shares of Mereo BioPharma Group to a “strong-buy” rating in a research report on Thursday, June 13th. Cantor Fitzgerald reissued an “overweight” rating and issued a $7.00 target price on shares of Mereo BioPharma Group in a research note on Monday, July 22nd. Robert W. Baird started coverage on Mereo BioPharma Group in a research report on Thursday, June 13th. They set an “outperform” rating and a $8.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a report on Tuesday, August 13th. Finally, Leerink Partners increased their target price 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 investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $7.50.

Mereo BioPharma Group Stock Performance

The stock has a fifty day simple moving average of $4.19 and a 200-day simple moving average of $3.61.

Insider Transactions at Mereo BioPharma Group

In related news, insider John A. Lewicki sold 7,416 shares of Mereo BioPharma Group stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $3.69, for a total value of $27,365.04. Following the sale, the insider now owns 65,587 shares of the company’s stock, valued at approximately $242,016.03. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Mereo BioPharma Group news, CFO Christine Ann Fox sold 12,990 shares of Mereo BioPharma Group stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $3.69, for a total value of $47,933.10. Following the sale, the chief financial officer now directly owns 87,010 shares in the company, valued at approximately $321,066.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John A. Lewicki sold 7,416 shares of the stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $3.69, for a total transaction of $27,365.04. Following the transaction, the insider now owns 65,587 shares of the company’s stock, valued at $242,016.03. The disclosure for this sale can be found here. Insiders sold 180,564 shares of company stock valued at $744,162 over the last three months. Company insiders own 4.13% of the company’s stock.

Institutional Trading of Mereo BioPharma Group

Several institutional investors and hedge funds have recently bought and sold shares of MREO. Rubric Capital Management LP grew its stake in Mereo BioPharma Group by 12.9% in 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 in the last quarter. Deerfield Management Company L.P. Series C acquired a new stake in shares of Mereo BioPharma Group in the 2nd quarter valued at approximately $24,158,000. Janus Henderson Group PLC bought a new position in shares of Mereo BioPharma Group in the first quarter valued at $16,949,000. Frazier Life Sciences Management L.P. acquired a new position in Mereo BioPharma Group during the second quarter worth $15,845,000. Finally, Millennium Management LLC raised its position in Mereo BioPharma Group by 46.9% during the second quarter. Millennium Management LLC now owns 3,201,705 shares of the company’s stock worth $11,526,000 after acquiring an additional 1,022,570 shares in the last quarter. Institutional investors own 62.83% of the company’s stock.

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.