Mereo BioPharma Group (NASDAQ:MREO) Earns Buy Rating from Analysts at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Mereo BioPharma Group (NASDAQ:MREO) in a research note published on Friday, MarketBeat reports. The brokerage issued a buy rating and a $7.00 price objective on the stock.

Several other brokerages also recently weighed in on MREO. 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. Needham & Company LLC reiterated a “buy” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research note on Tuesday, November 12th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $7.40.

Mereo BioPharma Group Stock Up 8.6 %

MREO stock opened at $3.77 on Friday. The business has a 50 day moving average of $4.03 and a 200 day moving average of $3.99. Mereo BioPharma Group has a twelve month low of $3.17 and a twelve month high of $5.02.

Insider Activity

In other Mereo BioPharma Group news, CEO Denise Scots-Knight sold 28,611 shares of the company’s stock in a transaction dated 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 in the company, valued at $3,884,282.49. This represents a 3.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Charles Sermon sold 9,980 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $4.47, for a total value of $44,610.60. Following the transaction, the general counsel now owns 240,007 shares of the company’s stock, valued at approximately $1,072,831.29. This trade represents a 3.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,931 shares of company stock valued at $236,602 in the last quarter. 4.13% of the stock is currently owned by insiders.

Institutional Trading of Mereo BioPharma Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers raised its position in shares of Mereo BioPharma Group by 70.9% during the second quarter. Rhumbline Advisers now owns 6,958 shares of the company’s stock valued at $25,000 after buying an additional 2,887 shares during the last quarter. GAMMA Investing LLC grew its stake in Mereo BioPharma Group by 58.1% during the third quarter. GAMMA Investing LLC now owns 10,693 shares of the company’s stock valued at $44,000 after acquiring an additional 3,928 shares in the last quarter. State Street Corp bought a new stake in Mereo BioPharma Group in the 3rd quarter valued at $195,000. GSA Capital Partners LLP purchased a new stake in Mereo BioPharma Group in the 3rd quarter worth $276,000. Finally, Fred Alger Management LLC boosted its holdings in shares of Mereo BioPharma Group by 108.1% during the 3rd quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock valued at $422,000 after purchasing 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.