Mereo BioPharma Group (NASDAQ:MREO) Shares Gap Up – What’s Next?

Mereo BioPharma Group plc (NASDAQ:MREO) shares gapped up prior to trading on Friday . The stock had previously closed at $3.47, but opened at $3.70. Mereo BioPharma Group shares last traded at $3.76, with a volume of 417,080 shares.

Wall Street Analysts Forecast Growth

MREO has been the topic of a number of research reports. Needham & Company LLC reissued a “buy” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a report on Tuesday, November 12th. Jefferies Financial Group began coverage on shares of Mereo BioPharma Group in a research note on Friday. They set a “buy” rating and a $7.00 price target on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a report on Tuesday, October 1st. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Mereo BioPharma Group presently has an average rating of “Buy” and an average price target of $7.40.

Mereo BioPharma Group Trading Up 8.6 %

The firm has a fifty day moving average of $4.03 and a two-hundred day moving average of $3.99.

Insider Activity

In other Mereo BioPharma Group 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 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Denise Scots-Knight sold 28,611 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $4.47, for a total value of $127,891.17. Following the completion of the sale, the chief executive officer now owns 868,967 shares of the company’s stock, valued at approximately $3,884,282.49. This trade represents a 3.19 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,931 shares of company stock valued at $236,602. 4.13% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of hedge funds and other institutional investors have recently made changes to their positions in MREO. Rubric Capital Management LP increased its position in Mereo BioPharma Group by 12.9% during the 2nd quarter. Rubric Capital Management LP now owns 15,307,347 shares of the company’s stock valued at $55,106,000 after purchasing an additional 1,754,350 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Mereo BioPharma Group by 56.7% during the 3rd 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 shares of Mereo BioPharma Group during the second quarter valued at about $24,158,000. Frazier Life Sciences Management L.P. raised its stake in Mereo BioPharma Group by 15.8% in 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 buying an additional 696,408 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in Mereo BioPharma Group by 46.9% in the second 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 period. Institutional investors 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.