Mereo BioPharma Group (NASDAQ:MREO) Shares Gap Up – Here’s What Happened

Mereo BioPharma Group plc (NASDAQ:MREO)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $3.39, but opened at $3.50. Mereo BioPharma Group shares last traded at $3.60, with a volume of 413,720 shares.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MREO. Lifesci Capital initiated coverage on Mereo BioPharma Group in a report on Tuesday. They set an “outperform” rating and a $10.00 price objective on the stock. Jefferies Financial Group initiated coverage on Mereo BioPharma Group in a research report on Friday, December 6th. They issued a “buy” rating and a $7.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $7.00 target price on shares of Mereo BioPharma Group in a research note on Tuesday, November 12th. Finally, Cantor Fitzgerald upgraded shares of Mereo BioPharma Group to a “strong-buy” rating in a research report on Sunday, December 8th. Five 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, Mereo BioPharma Group currently has an average rating of “Buy” and an average target price of $7.83.

Mereo BioPharma Group Trading Up 10.3 %

The company’s 50-day moving average is $3.88 and its 200-day moving average is $4.01.

Institutional Trading of Mereo BioPharma Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers increased its stake 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. GAMMA Investing LLC increased its position in Mereo BioPharma Group by 58.1% in the third quarter. GAMMA Investing LLC now owns 10,693 shares of the company’s stock worth $44,000 after purchasing an additional 3,928 shares during the period. State Street Corp bought a new stake in Mereo BioPharma Group during the 3rd quarter worth about $195,000. GSA Capital Partners LLP acquired a new position in Mereo BioPharma Group during the 3rd quarter valued at about $276,000. Finally, Fred Alger Management LLC boosted its stake in shares of Mereo BioPharma Group by 108.1% in the 3rd quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock valued at $422,000 after purchasing an additional 53,278 shares during the last quarter. Institutional investors and hedge funds own 62.83% of the company’s stock.

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.