Denise Scots-Knight Sells 40,712 Shares of Mereo BioPharma Group plc (NASDAQ:MREO) Stock

Mereo BioPharma Group plc (NASDAQ:MREO) CEO Denise Scots-Knight sold 40,712 shares of Mereo BioPharma Group stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $3.69, for a total value of $150,227.28. Following the sale, the chief executive officer now owns 801,791 shares in the company, valued at $2,958,608.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Mereo BioPharma Group Trading Up 3.4 %

Shares of NASDAQ MREO opened at $3.60 on Friday. Mereo BioPharma Group plc has a fifty-two week low of $1.07 and a fifty-two week high of $4.50. The stock has a fifty day moving average of $3.33 and a 200-day moving average of $3.19.

Mereo BioPharma Group (NASDAQ:MREO) last announced its quarterly earnings results on Wednesday, May 15th. The company reported ($0.01) earnings per share for the quarter.

Hedge Funds Weigh In On Mereo BioPharma Group

Several hedge funds have recently made changes to their positions in MREO. 683 Capital Management LLC grew its position in shares of Mereo BioPharma Group by 11.1% in the third quarter. 683 Capital Management LLC now owns 6,000,000 shares of the company’s stock valued at $7,740,000 after purchasing an additional 600,000 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Mereo BioPharma Group during the third quarter worth about $1,032,000. Rock Springs Capital Management LP increased its position in shares of Mereo BioPharma Group by 9.0% during the 3rd quarter. Rock Springs Capital Management LP now owns 7,676,481 shares of the company’s stock valued at $9,903,000 after purchasing an additional 634,090 shares during the last quarter. Tejara Capital Ltd grew its position in Mereo BioPharma Group by 5.8% during the 3rd quarter. Tejara Capital Ltd now owns 3,215,001 shares of the company’s stock worth $4,147,000 after acquiring an additional 177,030 shares during the last quarter. Finally, abrdn plc bought a new position in Mereo BioPharma Group during the 4th quarter worth approximately $3,583,000. 62.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MREO has been the topic of a number of recent analyst reports. Baird R W upgraded Mereo BioPharma Group to a “strong-buy” rating in a report on Thursday, June 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $7.00 target price on shares of Mereo BioPharma Group in a research note on Wednesday, June 12th. Needham & Company LLC boosted their target price on Mereo BioPharma Group from $6.00 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, June 12th. Robert W. Baird began coverage on Mereo BioPharma Group in a research note on Thursday, June 13th. They issued an “outperform” rating and a $8.00 target price on the stock. Finally, SVB Leerink boosted their target price on Mereo BioPharma Group from $6.00 to $8.00 and gave the company an “outperform” rating in a research note on Thursday, June 20th. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $7.50.

About Mereo BioPharma Group

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.