Rubric Capital Management LP Grows Position in Mereo BioPharma Group plc (NASDAQ:MREO)

Rubric Capital Management LP grew its stake in shares of Mereo BioPharma Group plc (NASDAQ:MREO) by 12.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,307,347 shares of the company’s stock after purchasing an additional 1,754,350 shares during the quarter. Mereo BioPharma Group makes up approximately 1.4% of Rubric Capital Management LP’s portfolio, making the stock its 28th biggest position. Rubric Capital Management LP owned 10.91% of Mereo BioPharma Group worth $55,106,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MREO. Rhumbline Advisers increased its holdings 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 acquiring an additional 2,887 shares in the last quarter. Advisors Preferred LLC purchased a new position in shares of Mereo BioPharma Group during the 1st quarter valued at about $28,000. SG Americas Securities LLC purchased a new position in shares of Mereo BioPharma Group during the 1st quarter valued at about $54,000. BNP Paribas Financial Markets raised its stake in Mereo BioPharma Group by 581,066.7% during the 1st quarter. BNP Paribas Financial Markets now owns 17,435 shares of the company’s stock valued at $58,000 after purchasing an additional 17,432 shares during the period. Finally, Index Fund Advisors Inc. bought a new stake in Mereo BioPharma Group during the 1st quarter valued at approximately $99,000. Institutional investors own 62.83% of the company’s stock.

Insider Activity at Mereo BioPharma Group

In related news, Director Deepika Pakianathan sold 105,244 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $4.43, for a total transaction of $466,230.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, General Counsel Charles Sermon sold 14,202 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $3.69, for a total transaction of $52,405.38. Following the completion of the transaction, the general counsel now directly owns 216,574 shares of the company’s stock, valued at approximately $799,158.06. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Deepika Pakianathan sold 105,244 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $4.43, for a total value of $466,230.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 233,495 shares of company stock worth $980,763. 4.13% of the stock is currently owned by company insiders.

Mereo BioPharma Group Price Performance

Shares of MREO opened at $4.25 on Friday. Mereo BioPharma Group plc has a 12 month low of $3.64 and a 12 month high of $5.02. The stock’s 50 day moving average is $4.23 and its two-hundred day moving average is $3.62.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MREO shares. Leerink Partners lifted their target price on Mereo BioPharma Group from $6.00 to $8.00 and gave the stock an “outperform” rating in a report on Thursday, June 20th. Baird R W raised Mereo BioPharma Group to a “strong-buy” rating in a research report on Thursday, June 13th. Robert W. Baird began coverage on Mereo BioPharma Group in a research report on Thursday, June 13th. They set an “outperform” rating and a $8.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research note on Monday, September 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research note on Tuesday, August 13th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price 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.