Mereo BioPharma Group (NASDAQ:MREO) Shares Down 4.4% – Time to Sell?

Shares of Mereo BioPharma Group plc (NASDAQ:MREO) traded down 4.4% during mid-day trading on Monday . The company traded as low as $4.09 and last traded at $4.09. 153,090 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 764,829 shares. The stock had previously closed at $4.28.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. 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, August 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $7.00 price target on shares of Mereo BioPharma Group in a research report on Tuesday, October 1st. Four equities research analysts have rated the stock with a buy rating and one has assigned 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 price target of $7.50.

Mereo BioPharma Group Price Performance

The firm’s 50 day simple moving average is $4.36 and its 200-day simple moving average is $3.86.

Insider Buying and Selling

In related news, Director Deepika Pakianathan sold 105,244 shares of Mereo BioPharma Group stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $4.43, for a total transaction of $466,230.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Mereo BioPharma Group news, Director Deepika Pakianathan sold 105,244 shares of the business’s stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Denise Scots-Knight sold 28,611 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $4.47, for a total transaction of $127,891.17. Following the completion of the sale, the chief executive officer now directly owns 868,967 shares of the company’s stock, valued at $3,884,282.49. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 158,175 shares of company stock valued at $702,832. Company insiders own 4.13% of the company’s stock.

Hedge Funds Weigh In On Mereo BioPharma Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Deerfield Management Company L.P. Series C acquired a new position in Mereo BioPharma Group during the 2nd quarter worth approximately $24,158,000. Janus Henderson Group PLC acquired a new position in Mereo BioPharma Group during the 1st quarter worth approximately $16,949,000. Frazier Life Sciences Management L.P. acquired a new position in Mereo BioPharma Group during the 2nd quarter worth approximately $15,845,000. 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 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 during the 2nd quarter worth approximately $4,512,000. 62.83% of the stock is currently owned by institutional investors and hedge funds.

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.