Mereo BioPharma Group plc (NASDAQ:MREO) Short Interest Up 23.2% in November

Mereo BioPharma Group plc (NASDAQ:MREO) saw a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 5,630,000 shares, a growth of 23.2% from the October 31st total of 4,570,000 shares. Based on an average daily volume of 751,400 shares, the days-to-cover ratio is presently 7.5 days.

Mereo BioPharma Group Trading Up 1.4 %

Shares of NASDAQ MREO opened at $3.61 on Monday. The firm has a 50-day simple moving average of $4.08 and a 200-day simple moving average of $3.98. Mereo BioPharma Group has a 52 week low of $3.17 and a 52 week high of $5.02.

Insider Buying and Selling

In other news, General Counsel Charles Sermon sold 9,980 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $4.47, for a total transaction of $44,610.60. Following the completion of the transaction, the general counsel now directly owns 240,007 shares of the company’s stock, valued at $1,072,831.29. This represents a 3.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Christine Ann Fox sold 9,128 shares of the stock in a transaction that occurred 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 in the company, valued at $484,740.21. This trade represents a 7.76 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,931 shares of company stock valued at $236,602. 4.13% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Rhumbline Advisers grew its position in shares of Mereo BioPharma Group by 70.9% in the second 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 grew its holdings in Mereo BioPharma Group by 58.1% in the 3rd 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 in the last quarter. State Street Corp purchased a new stake in Mereo BioPharma Group in the 3rd quarter valued at $195,000. GSA Capital Partners LLP purchased a new position in shares of Mereo BioPharma Group during the 3rd quarter worth $276,000. Finally, Fred Alger Management LLC raised its holdings in shares of Mereo BioPharma Group by 108.1% during the 3rd quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock worth $422,000 after acquiring an additional 53,278 shares during the period. 62.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $7.00 price target on shares of Mereo BioPharma Group in a research report on Tuesday, November 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Tuesday, October 1st. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $7.50.

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.