Cantor Fitzgerald Upgrades Mereo BioPharma Group (NASDAQ:MREO) to “Strong-Buy”

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

MREO has been the topic of a number of other research reports. Jefferies Financial Group started coverage on shares of Mereo BioPharma Group in a report on Friday, December 6th. They set a “buy” rating and a $7.00 target price 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 research note on Tuesday, November 12th. Four analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $7.40.

Mereo BioPharma Group Trading Up 1.6 %

MREO opened at $3.86 on Friday. The firm has a 50-day moving average price of $4.03 and a 200-day moving average price of $4.00. Mereo BioPharma Group has a twelve month low of $3.17 and a twelve month high of $5.02.

Insider Activity

In other news, CFO Christine Ann Fox sold 9,128 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $4.47, for a total value of $40,802.16. Following the transaction, the chief financial officer now owns 108,443 shares of the company’s stock, valued at $484,740.21. This represents a 7.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Charles Sermon sold 9,980 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $4.47, for a total transaction of $44,610.60. Following the sale, the general counsel now owns 240,007 shares in the company, valued at approximately $1,072,831.29. This trade represents a 3.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 52,931 shares of company stock worth $236,602 in the last three months. Corporate insiders own 4.13% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its stake 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 valued at $25,000 after purchasing an additional 2,887 shares in the last quarter. GAMMA Investing LLC boosted 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 valued at $44,000 after buying an additional 3,928 shares during the period. State Street Corp bought a new position in shares of Mereo BioPharma Group during the third quarter valued at about $195,000. Polar Asset Management Partners Inc. grew its stake in shares of Mereo BioPharma Group by 36.0% during the third quarter. Polar Asset Management Partners Inc. now owns 198,300 shares of the company’s stock valued at $815,000 after buying an additional 52,500 shares during the last quarter. Finally, Fred Alger Management LLC increased its holdings in shares of Mereo BioPharma Group by 108.1% in the third quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock worth $422,000 after buying an additional 53,278 shares during the period. 62.83% of the stock is currently owned by hedge funds and other institutional investors.

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.