Mereo BioPharma Group (NASDAQ:MREO) Shares Down 2.6% – Here’s What Happened

Mereo BioPharma Group plc (NASDAQ:MREO)’s share price traded down 2.6% during mid-day trading on Thursday . The company traded as low as $3.65 and last traded at $3.71. 174,809 shares were traded during mid-day trading, a decline of 79% from the average session volume of 830,890 shares. The stock had previously closed at $3.81.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a research report on Tuesday, November 12th. Lifesci Capital initiated coverage on Mereo BioPharma Group in a research note on Tuesday. They issued an “outperform” rating and a $10.00 price objective for the company. Cantor Fitzgerald raised Mereo BioPharma Group to a “strong-buy” rating in a research note on Sunday, December 8th. Finally, Jefferies Financial Group began coverage on Mereo BioPharma Group in a research report on Friday, December 6th. They issued a “buy” rating and a $7.00 target price for the company. Four equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $7.83.

Mereo BioPharma Group Trading Down 1.6 %

The company has a fifty day simple moving average of $3.85 and a two-hundred day simple moving average of $4.02.

Institutional Trading of Mereo BioPharma Group

A number of large investors have recently made changes to their positions in the company. Rubric Capital Management LP lifted 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 worth $55,106,000 after acquiring an additional 1,754,350 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Mereo BioPharma Group by 56.7% in the third quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company’s stock valued at $50,865,000 after purchasing an additional 4,464,984 shares in the last quarter. Deerfield Management Company L.P. Series C purchased a new position in Mereo BioPharma Group in the second quarter valued at approximately $24,158,000. Frazier Life Sciences Management L.P. raised its holdings in Mereo BioPharma Group by 15.8% during the third quarter. Frazier Life Sciences Management L.P. now owns 5,097,779 shares of the company’s stock worth $20,952,000 after purchasing an additional 696,408 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Mereo BioPharma Group by 46.9% during the 2nd quarter. Millennium Management LLC now owns 3,201,705 shares of the company’s stock worth $11,526,000 after buying an additional 1,022,570 shares during the last quarter. 62.83% of the stock is currently 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.