Mereo BioPharma Group (NASDAQ:MREO) Earns Buy Rating from Needham & Company LLC

Mereo BioPharma Group (NASDAQ:MREO)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a research note issued on Tuesday,Benzinga reports. They presently have a $7.00 target price on the stock. Needham & Company LLC’s price target indicates a potential upside of 71.57% from the company’s previous close.

Separately, Cantor Fitzgerald reiterated an “overweight” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research report on Tuesday, October 1st. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Mereo BioPharma Group presently has a consensus rating of “Buy” and an average price target of $7.50.

Mereo BioPharma Group Trading Down 4.7 %

Shares of NASDAQ MREO traded down $0.20 during mid-day trading on Tuesday, reaching $4.08. The company had a trading volume of 612,680 shares, compared to its average volume of 744,044. The firm has a 50 day simple moving average of $4.29 and a two-hundred day simple moving average of $3.92. Mereo BioPharma Group has a 52-week low of $3.64 and a 52-week high of $5.02.

Insider Activity

In related news, Director Deepika Pakianathan sold 105,244 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $4.43, for a total value of $466,230.92. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Deepika Pakianathan sold 105,244 shares of Mereo BioPharma Group stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $4.43, for a total value of $466,230.92. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Christine Ann Fox sold 9,128 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $4.47, for a total transaction of $40,802.16. Following the transaction, the chief financial officer now owns 108,443 shares of the company’s stock, valued at approximately $484,740.21. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 158,175 shares of company stock valued at $702,832. Insiders own 4.13% of the company’s stock.

Hedge Funds Weigh In On Mereo BioPharma Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in MREO. Price T Rowe Associates Inc. MD purchased a new stake in shares of Mereo BioPharma Group in the first quarter valued at approximately $3,274,000. Janus Henderson Group PLC purchased a new position in shares of Mereo BioPharma Group in the 1st quarter valued at about $16,949,000. Frazier Life Sciences Management L.P. acquired a new stake in shares of Mereo BioPharma Group in the second quarter valued at about $15,845,000. Integral Health Asset Management LLC boosted its holdings in 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 worth $6,390,000 after buying an additional 825,000 shares in the last quarter. Finally, Rubric Capital Management LP grew its position in Mereo BioPharma Group by 12.9% during the second quarter. Rubric Capital Management LP now owns 15,307,347 shares of the company’s stock worth $55,106,000 after buying an additional 1,754,350 shares during the period. 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.