Insider Selling: Mereo BioPharma Group plc (NASDAQ:MREO) CEO Sells 40,712 Shares of Stock

Mereo BioPharma Group plc (NASDAQ:MREO) CEO Denise Scots-Knight sold 40,712 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $3.69, for a total transaction of $150,227.28. Following the sale, the chief executive officer now owns 801,791 shares of the company’s stock, valued at $2,958,608.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Mereo BioPharma Group Stock Down 0.3 %

Shares of MREO stock opened at $3.48 on Friday. Mereo BioPharma Group plc has a 52-week low of $1.07 and a 52-week high of $4.50. The firm’s 50 day moving average price is $3.29 and its two-hundred day moving average price is $3.18.

Mereo BioPharma Group (NASDAQ:MREO) last posted its earnings results on Wednesday, May 15th. The company reported ($0.01) earnings per share for the quarter.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Needham & Company LLC upped their price objective on shares of Mereo BioPharma Group from $6.00 to $7.00 and gave the company a “buy” rating in a research report on Wednesday, June 12th. Robert W. Baird assumed coverage on shares of Mereo BioPharma Group in a research report on Thursday, June 13th. They issued an “outperform” rating and a $8.00 price target for the company. SVB Leerink increased their price target on shares of Mereo BioPharma Group from $6.00 to $8.00 and gave the stock an “outperform” rating in a research report on Thursday, June 20th. Baird R W raised shares of Mereo BioPharma Group to a “strong-buy” rating in a research report on Thursday, June 13th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research report on Wednesday, June 12th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Mereo BioPharma Group currently has a consensus rating of “Buy” and an average price target of $7.50.

Institutional Investors Weigh In On Mereo BioPharma Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. NEOS Investment Management LLC raised its holdings in shares of Mereo BioPharma Group by 751.5% during the fourth quarter. NEOS Investment Management LLC now owns 351,905 shares of the company’s stock worth $813,000 after acquiring an additional 310,577 shares during the period. Adage Capital Partners GP L.L.C. bought a new position in shares of Mereo BioPharma Group in the 3rd quarter valued at about $1,032,000. abrdn plc bought a new position in shares of Mereo BioPharma Group in the 4th quarter valued at about $3,583,000. 683 Capital Management LLC boosted its holdings in shares of Mereo BioPharma Group by 11.1% during the 3rd quarter. 683 Capital Management LLC now owns 6,000,000 shares of the company’s stock worth $7,740,000 after buying an additional 600,000 shares during the period. Finally, Rubric Capital Management LP boosted 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 worth $31,307,000 after buying an additional 1,936,877 shares during the period. 62.83% of the stock is currently owned by institutional investors and hedge funds.

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.