Brokerages Set Mereo BioPharma Group plc (NASDAQ:MREO) Price Target at $7.50

Shares of Mereo BioPharma Group plc (NASDAQ:MREO) have received a consensus rating of “Buy” from the six brokerages that are currently covering the company, MarketBeat.com reports. Five investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $7.40.

Several research firms recently weighed in on MREO. Jefferies Financial Group initiated coverage on Mereo BioPharma Group in a report on Friday. They set a “buy” rating and a $7.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $7.00 price target on shares of Mereo BioPharma Group in a research note on Tuesday, October 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Tuesday, November 12th.

Mereo BioPharma Group Stock Performance

Shares of Mereo BioPharma Group stock opened at $3.77 on Friday. The company’s 50 day moving average price is $4.03 and its two-hundred day moving average price is $3.99. Mereo BioPharma Group has a fifty-two week low of $3.17 and a fifty-two week high of $5.02.

Insider Buying and Selling at Mereo BioPharma Group

In other news, CFO Christine Ann Fox sold 9,128 shares of the company’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 $40,802.16. Following the transaction, the chief financial officer now owns 108,443 shares in the company, valued at approximately $484,740.21. This represents a 7.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 transaction, the chief executive officer now owns 868,967 shares in the company, valued at approximately $3,884,282.49. The trade was a 3.19 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,931 shares of company stock worth $236,602. Insiders own 4.13% of the company’s stock.

Institutional Trading of Mereo BioPharma Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rhumbline Advisers lifted its holdings in shares of Mereo BioPharma Group by 70.9% in the second quarter. Rhumbline Advisers now owns 6,958 shares of the company’s stock valued at $25,000 after purchasing an additional 2,887 shares in the last quarter. GAMMA Investing LLC grew its stake in Mereo BioPharma Group by 58.1% in the 3rd quarter. GAMMA Investing LLC now owns 10,693 shares of the company’s stock valued at $44,000 after purchasing an additional 3,928 shares during the period. State Street Corp bought a new position in Mereo BioPharma Group in the 3rd quarter valued at $195,000. Polar Asset Management Partners Inc. increased its position in shares of Mereo BioPharma Group by 36.0% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 198,300 shares of the company’s stock valued at $815,000 after purchasing an additional 52,500 shares during the last quarter. Finally, Fred Alger Management LLC boosted its holdings in shares of Mereo BioPharma Group by 108.1% in the 3rd quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock worth $422,000 after buying an additional 53,278 shares during the last quarter. 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.