Mereo BioPharma Group (NASDAQ:MREO) Shares Gap Down to $3.60

Mereo BioPharma Group plc (NASDAQ:MREO)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $3.60, but opened at $3.51. Mereo BioPharma Group shares last traded at $3.57, with a volume of 422,836 shares traded.

Wall Street Analysts Forecast Growth

MREO has been the topic of a number of research reports. Baird R W raised shares of Mereo BioPharma Group to a “strong-buy” rating in a report on Thursday, June 13th. Robert W. Baird began 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 target on the stock. Needham & Company LLC upped their price objective on Mereo BioPharma Group from $6.00 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, June 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research report on Wednesday, June 12th. Finally, SVB Leerink boosted their price target on Mereo BioPharma Group from $6.00 to $8.00 and gave the company an “outperform” rating in a report on Thursday, June 20th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $7.50.

Mereo BioPharma Group Price Performance

The stock’s 50-day simple moving average is $3.33 and its two-hundred day simple moving average is $3.21.

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

Insider Buying and Selling

In other news, CEO Denise Scots-Knight sold 40,712 shares of Mereo BioPharma Group stock in a transaction that occurred on 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 in the company, valued at $2,958,608.79. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Alexandra Hughes-Wilson sold 100,432 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $2.97, for a total value of $298,283.04. Following the sale, the insider now directly owns 32,568 shares in the company, valued at $96,726.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Denise Scots-Knight sold 40,712 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $3.69, for a total value of $150,227.28. Following the transaction, the chief executive officer now owns 801,791 shares of the company’s stock, valued at approximately $2,958,608.79. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 175,752 shares of company stock worth $576,214. 4.13% of the stock is owned by corporate insiders.

Institutional Trading of Mereo BioPharma Group

Several hedge funds have recently modified their holdings of MREO. Rubric Capital Management LP increased its position in Mereo BioPharma Group by 16.7% in the fourth quarter. Rubric Capital Management LP now owns 13,552,997 shares of the company’s stock worth $31,307,000 after purchasing an additional 1,936,877 shares during the last quarter. Rock Springs Capital Management LP increased its holdings in shares of Mereo BioPharma Group by 9.0% in the 3rd quarter. Rock Springs Capital Management LP now owns 7,676,481 shares of the company’s stock worth $9,903,000 after buying an additional 634,090 shares during the last quarter. Janus Henderson Group PLC purchased a new stake in shares of Mereo BioPharma Group during the 1st quarter valued at about $16,949,000. Tejara Capital Ltd lifted its holdings in shares of Mereo BioPharma Group by 5.8% in the 3rd quarter. Tejara Capital Ltd now owns 3,215,001 shares of the company’s stock valued at $4,147,000 after acquiring an additional 177,030 shares during the last quarter. Finally, abrdn plc purchased a new position in Mereo BioPharma Group in the fourth quarter worth about $3,583,000. 62.83% of the stock is owned by hedge funds and other institutional investors.

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.