Millennium Management LLC Buys 1,022,570 Shares of Mereo BioPharma Group plc (NASDAQ:MREO)

Millennium Management LLC grew its stake in shares of Mereo BioPharma Group plc (NASDAQ:MREO) by 46.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,201,705 shares of the company’s stock after buying an additional 1,022,570 shares during the period. Millennium Management LLC owned 2.28% of Mereo BioPharma Group worth $11,526,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MREO. BNP Paribas Financial Markets increased its holdings in shares of Mereo BioPharma Group by 581,066.7% in the first quarter. BNP Paribas Financial Markets now owns 17,435 shares of the company’s stock worth $58,000 after purchasing an additional 17,432 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Mereo BioPharma Group in the 1st quarter valued at about $54,000. Advisors Preferred LLC bought a new stake in shares of Mereo BioPharma Group during the 1st quarter valued at about $28,000. Index Fund Advisors Inc. purchased a new position in shares of Mereo BioPharma Group during the first quarter worth about $99,000. Finally, Price T Rowe Associates Inc. MD bought a new position in shares of Mereo BioPharma Group in the first quarter worth approximately $3,274,000. 62.83% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Mereo BioPharma Group news, Director Deepika Pakianathan sold 105,244 shares of the stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Denise Scots-Knight sold 28,611 shares of the firm’s stock in a transaction 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 $3,884,282.49. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Deepika Pakianathan sold 105,244 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $4.43, for a total transaction of $466,230.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 158,175 shares of company stock valued at $702,832. 4.13% of the stock is currently owned by company insiders.

Mereo BioPharma Group Price Performance

NASDAQ MREO opened at $4.25 on Tuesday. Mereo BioPharma Group plc has a 1-year low of $3.64 and a 1-year high of $5.02. The stock has a 50-day moving average of $4.26 and a 200-day moving average of $3.68.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Robert W. Baird started coverage on shares of Mereo BioPharma Group in a research note on Thursday, June 13th. They issued an “outperform” rating and a $8.00 price target for the company. Needham & Company LLC reissued a “buy” rating and issued a $7.00 target price on shares of Mereo BioPharma Group in a research note on Tuesday, August 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $7.00 price target on shares of Mereo BioPharma Group in a research note on Tuesday, October 1st. Baird R W upgraded Mereo BioPharma Group to a “strong-buy” rating in a research report on Thursday, June 13th. Finally, Leerink Partners boosted their target price on Mereo BioPharma Group from $6.00 to $8.00 and gave the stock an “outperform” rating in a research report on Thursday, June 20th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $7.50.

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.