Mereo BioPharma Group (NASDAQ:MREO) Shares Gap Down to $3.89

Mereo BioPharma Group plc (NASDAQ:MREO) shares gapped down before the market opened on Friday . The stock had previously closed at $3.89, but opened at $3.78. Mereo BioPharma Group shares last traded at $3.80, with a volume of 50,130 shares traded.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Wednesday, June 12th. Robert W. Baird assumed coverage on shares of Mereo BioPharma Group in a research note on Thursday, June 13th. They set an “outperform” rating and a $8.00 price objective for the company. Needham & Company LLC raised their price objective on shares of Mereo BioPharma Group from $6.00 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, June 12th. Baird R W raised shares of Mereo BioPharma Group to a “strong-buy” rating in a research note on Thursday, June 13th. Finally, SVB Leerink lifted their target price on shares of Mereo BioPharma Group from $6.00 to $8.00 and gave the stock an “outperform” rating in a research note on Thursday. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. 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 Up 2.3 %

The company’s 50 day simple moving average is $3.23 and its 200 day simple moving average is $3.15.

Mereo BioPharma Group (NASDAQ:MREO) last announced its quarterly earnings results on Wednesday, May 15th. The company reported ($0.01) earnings per share for the quarter. As a group, equities analysts anticipate that Mereo BioPharma Group plc will post 0.03 earnings per share for the current fiscal year.

Insider Buying and Selling at Mereo BioPharma Group

In other Mereo BioPharma Group news, insider Alexandra Hughes-Wilson sold 100,432 shares of Mereo BioPharma Group stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $2.97, for a total value of $298,283.04. Following the transaction, the insider now owns 32,568 shares in the company, valued at approximately $96,726.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.13% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of hedge funds have recently made changes to their positions in MREO. Janus Henderson Group PLC acquired a new position in shares of Mereo BioPharma Group during the 1st quarter valued at $16,949,000. Rubric Capital Management LP lifted its holdings in shares of Mereo BioPharma Group by 16.7% during the 4th quarter. Rubric Capital Management LP now owns 13,552,997 shares of the company’s stock valued at $31,307,000 after acquiring an additional 1,936,877 shares in the last quarter. abrdn plc acquired a new position in shares of Mereo BioPharma Group during the 4th quarter valued at $3,583,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Mereo BioPharma Group during the 1st quarter valued at $3,274,000. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Mereo BioPharma Group during the 3rd quarter valued at $1,032,000. 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.