Mereo BioPharma Group (NASDAQ:MREO) Sets New 52-Week Low – Here’s Why

Mereo BioPharma Group plc (NASDAQ:MREO) shares hit a new 52-week low during mid-day trading on Friday . The company traded as low as $3.62 and last traded at $3.63, with a volume of 102993 shares traded. The stock had previously closed at $3.82.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MREO. Cantor Fitzgerald reissued an “overweight” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research report on Tuesday, October 1st. Needham & Company LLC reiterated a “buy” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a report on Tuesday, November 12th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $7.50.

Mereo BioPharma Group Trading Down 7.6 %

The company has a fifty day moving average of $4.25 and a 200-day moving average of $3.94.

Insider Activity

In related news, Director Deepika Pakianathan sold 105,244 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $4.43, for a total transaction of $466,230.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Denise Scots-Knight sold 28,611 shares of Mereo BioPharma Group stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $4.47, for a total value of $127,891.17. Following the sale, the chief executive officer now owns 868,967 shares in the company, valued at $3,884,282.49. This trade represents a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 158,175 shares of company stock worth $702,832 over the last quarter. Insiders own 4.13% of the company’s stock.

Hedge Funds Weigh In On Mereo BioPharma Group

Institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets boosted its stake in Mereo BioPharma Group by 581,066.7% in the first quarter. BNP Paribas Financial Markets now owns 17,435 shares of the company’s stock valued at $58,000 after acquiring an additional 17,432 shares during the last quarter. SG Americas Securities LLC bought a new position in Mereo BioPharma Group during the first quarter valued at $54,000. Index Fund Advisors Inc. purchased a new stake in Mereo BioPharma Group in the first quarter worth $99,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Mereo BioPharma Group in the first quarter valued at $3,274,000. Finally, Knoll Capital Management LLC lifted its position in shares of Mereo BioPharma Group by 62.3% during the 1st quarter. Knoll Capital Management LLC now owns 260,470 shares of the company’s stock valued at $860,000 after buying an additional 100,000 shares during the last quarter. Institutional investors own 62.83% of the company’s stock.

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.