Mereo BioPharma Group (NASDAQ:MREO) Upgraded by Cantor Fitzgerald to Strong-Buy Rating

Cantor Fitzgerald upgraded shares of Mereo BioPharma Group (NASDAQ:MREO) to a strong-buy rating in a research report released on Sunday,Zacks.com reports.

A number of other equities analysts also recently commented on the stock. Jefferies Financial Group began coverage on shares of Mereo BioPharma Group in a research report on Friday. They set a “buy” rating and a $7.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and set a $7.00 price target on shares of Mereo BioPharma Group in a report on Tuesday, November 12th. Four investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $7.40.

Mereo BioPharma Group Price Performance

NASDAQ:MREO opened at $3.80 on Friday. Mereo BioPharma Group has a 12-month low of $3.17 and a 12-month high of $5.02. The stock’s 50 day simple moving average is $4.03 and its 200-day simple moving average is $3.99.

Insider Activity

In other news, CFO Christine Ann Fox sold 9,128 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $4.47, for a total transaction of $40,802.16. Following the sale, the chief financial officer now owns 108,443 shares of the company’s stock, valued at $484,740.21. The trade was a 7.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Denise Scots-Knight sold 28,611 shares of the firm’s 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 directly owns 868,967 shares of the company’s stock, valued at $3,884,282.49. The trade was a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,931 shares of company stock worth $236,602 in the last 90 days. 4.13% of the stock is currently owned by corporate insiders.

Institutional Trading of Mereo BioPharma Group

Several large investors have recently bought and sold shares of MREO. Rhumbline Advisers boosted its position in shares of Mereo BioPharma Group by 70.9% in the 2nd quarter. Rhumbline Advisers now owns 6,958 shares of the company’s stock worth $25,000 after buying an additional 2,887 shares in the last quarter. GAMMA Investing LLC raised its position in Mereo BioPharma Group by 58.1% during the third quarter. GAMMA Investing LLC now owns 10,693 shares of the company’s stock worth $44,000 after acquiring an additional 3,928 shares during the last quarter. State Street Corp purchased a new stake in shares of Mereo BioPharma Group in the third quarter valued at about $195,000. Polar Asset Management Partners Inc. grew its position in shares of Mereo BioPharma Group by 36.0% in the third quarter. Polar Asset Management Partners Inc. now owns 198,300 shares of the company’s stock valued at $815,000 after purchasing an additional 52,500 shares during the last quarter. Finally, Fred Alger Management LLC increased its stake in shares of Mereo BioPharma Group by 108.1% during the 3rd 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 in the last quarter. 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.