Mereo BioPharma Group (NASDAQ:MREO) Hits New 12-Month Low at $3.64

Shares of Mereo BioPharma Group plc (NASDAQ:MREO) reached a new 52-week low on Tuesday . The stock traded as low as $3.64 and last traded at $3.71, with a volume of 225300 shares. The stock had previously closed at $3.72.

Analysts Set New Price Targets

MREO has been the topic of several research reports. Baird R W raised shares of Mereo BioPharma Group to a “strong-buy” rating in a research report on Thursday, June 13th. Needham & Company LLC reiterated a “buy” rating and set a $7.00 price target on shares of Mereo BioPharma Group in a research report on Tuesday. Cantor Fitzgerald restated an “overweight” rating and set a $7.00 price target on shares of Mereo BioPharma Group in a research report on Monday, July 22nd. Robert W. Baird began coverage on Mereo BioPharma Group in a research note on Thursday, June 13th. They issued an “outperform” rating and a $8.00 target price on the stock. Finally, SVB Leerink raised 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 analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Mereo BioPharma Group has a consensus rating of “Buy” and a consensus target price of $7.50.

Mereo BioPharma Group Price Performance

The firm’s 50-day moving average is $3.82 and its 200-day moving average is $3.49.

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

Insiders Place Their Bets

In related news, insider John A. Lewicki sold 7,416 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $3.69, for a total transaction of $27,365.04. Following the completion of the sale, the insider now directly owns 65,587 shares in the company, valued at approximately $242,016.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider John A. Lewicki sold 7,416 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $3.69, for a total value of $27,365.04. Following the completion of the sale, the insider now owns 65,587 shares of the company’s stock, valued at $242,016.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Denise Scots-Knight sold 40,712 shares of the company’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $3.69, for a total transaction of $150,227.28. Following the completion of the transaction, the chief executive officer now owns 801,791 shares of the company’s stock, valued at $2,958,608.79. The disclosure for this sale can be found here. Insiders sold 175,752 shares of company stock valued at $576,214 over the last three months. Insiders own 4.13% of the company’s stock.

Institutional Investors Weigh In On Mereo BioPharma Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MREO. Rhumbline Advisers boosted its holdings in Mereo BioPharma Group by 70.9% in the second quarter. Rhumbline Advisers now owns 6,958 shares of the company’s stock worth $25,000 after acquiring an additional 2,887 shares in the last quarter. Advisors Preferred LLC purchased a new position in Mereo BioPharma Group in the first quarter worth about $28,000. Golden State Equity Partners raised its holdings in Mereo BioPharma Group by 41.0% in the fourth quarter. Golden State Equity Partners now owns 20,300 shares of the company’s stock worth $47,000 after buying an additional 5,900 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Mereo BioPharma Group in the first quarter worth approximately $54,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of Mereo BioPharma Group by 581,066.7% during the first quarter. BNP Paribas Financial Markets now owns 17,435 shares of the company’s stock valued at $58,000 after buying an additional 17,432 shares during the last quarter. 62.83% of the stock is 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.