Mereo BioPharma Group (NASDAQ:MREO) Reaches New 1-Year Low – What’s Next?

Mereo BioPharma Group plc (NASDAQ:MREO)’s share price hit a new 52-week low on Friday . The stock traded as low as $3.11 and last traded at $3.27, with a volume of 624004 shares changing hands. The stock had previously closed at $3.29.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MREO. Jefferies Financial Group began coverage on Mereo BioPharma Group in a report on Friday, December 6th. They issued a “buy” rating and a $7.00 price target for the company. Needham & Company LLC reissued a “buy” rating and set a $7.00 price target on shares of Mereo BioPharma Group in a research report on Tuesday, November 12th. Finally, Cantor Fitzgerald raised shares of Mereo BioPharma Group to a “strong-buy” rating in a report on Sunday, December 8th. Four research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $7.40.

Mereo BioPharma Group Price Performance

The stock has a fifty day moving average price of $3.92 and a two-hundred day moving average price of $4.01.

Institutional Trading of Mereo BioPharma Group

Several institutional investors have recently added to or reduced their stakes in MREO. Rhumbline Advisers boosted its holdings 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 buying an additional 2,887 shares during the period. Renaissance Technologies LLC lifted its holdings in Mereo BioPharma Group by 5.4% in the second quarter. Renaissance Technologies LLC now owns 1,762,003 shares of the company’s stock worth $6,343,000 after acquiring an additional 89,694 shares during the last quarter. Rubric Capital Management LP boosted its stake in Mereo BioPharma Group by 12.9% in the second quarter. Rubric Capital Management LP now owns 15,307,347 shares of the company’s stock valued at $55,106,000 after acquiring an additional 1,754,350 shares during the period. Integral Health Asset Management LLC grew its holdings in shares of Mereo BioPharma Group by 86.8% during the second quarter. Integral Health Asset Management LLC now owns 1,775,000 shares of the company’s stock valued at $6,390,000 after purchasing an additional 825,000 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Mereo BioPharma Group during the 2nd quarter worth approximately $4,119,000. 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.