Mereo BioPharma Group (NASDAQ:MREO) Shares Gap Up – Should You Buy?

Shares of Mereo BioPharma Group plc (NASDAQ:MREO) gapped up prior to trading on Tuesday . The stock had previously closed at $3.39, but opened at $3.50. Mereo BioPharma Group shares last traded at $3.60, with a volume of 413,720 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on MREO shares. Lifesci Capital started coverage on Mereo BioPharma Group in a report on Tuesday. They set an “outperform” rating and a $10.00 target price for the company. Jefferies Financial Group assumed coverage on shares of Mereo BioPharma Group in a report on Friday, December 6th. They issued a “buy” rating and a $7.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a report on Tuesday, November 12th. Finally, Cantor Fitzgerald upgraded shares of Mereo BioPharma Group to a “strong-buy” rating in a research note on Sunday, December 8th. Four research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $7.83.

Mereo BioPharma Group Trading Up 12.4 %

The firm’s fifty day simple moving average is $3.85 and its 200 day simple moving average is $4.02.

Hedge Funds Weigh In On Mereo BioPharma Group

Large investors have recently bought and sold shares of the business. Rhumbline Advisers lifted its holdings in Mereo BioPharma Group by 70.9% during 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 during the last quarter. GAMMA Investing LLC lifted its stake 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 purchasing an additional 3,928 shares during the last quarter. State Street Corp acquired a new position in Mereo BioPharma Group in the third quarter valued at approximately $195,000. Polar Asset Management Partners Inc. increased its stake in 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 raised its holdings in Mereo BioPharma Group by 108.1% during the third 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. Hedge funds and other institutional investors 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.