Mereo BioPharma Group (NASDAQ:MREO) Stock Price Down 4.5% – Here’s What Happened

Mereo BioPharma Group plc (NASDAQ:MREO)’s share price dropped 4.5% during mid-day trading on Monday . The stock traded as low as $3.52 and last traded at $3.57. Approximately 89,943 shares traded hands during trading, a decline of 88% from the average daily volume of 779,022 shares. The stock had previously closed at $3.74.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Jefferies Financial Group began coverage on shares of 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. Cantor Fitzgerald raised shares of Mereo BioPharma Group to a “strong-buy” rating in a report on Sunday, December 8th. Finally, Needham & Company LLC reissued a “buy” rating and set a $7.00 price target on shares of Mereo BioPharma Group in a research report on Tuesday, November 12th. Four equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $7.40.

Mereo BioPharma Group Stock Performance

The firm has a 50 day simple moving average of $3.98 and a two-hundred day simple moving average of $4.02.

Institutional Trading of Mereo BioPharma Group

Several hedge funds and other institutional investors have recently made changes to their positions in MREO. Deerfield Management Company L.P. Series C bought a new stake in Mereo BioPharma Group during the second quarter valued at $24,158,000. Janus Henderson Group PLC boosted its position 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. Frazier Life Sciences Management L.P. acquired a new stake in Mereo BioPharma Group during the second quarter worth approximately $15,845,000. Rubric Capital Management LP increased its holdings 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 purchasing an additional 1,754,350 shares in the last quarter. Finally, Perceptive Advisors LLC acquired a new position in Mereo BioPharma Group in the second quarter valued at approximately $4,512,000. 62.83% of the stock is currently owned by 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.