Mereo BioPharma Group (NASDAQ:MREO) Shares Gap Down to $3.60

Mereo BioPharma Group plc (NASDAQ:MREO) shares gapped down before the market opened on Monday . The stock had previously closed at $3.60, but opened at $3.51. Mereo BioPharma Group shares last traded at $3.57, with a volume of 422,836 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on MREO shares. Needham & Company LLC lifted their price target on Mereo BioPharma Group from $6.00 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, June 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research note on Wednesday, June 12th. Baird R W upgraded shares of Mereo BioPharma Group to a “strong-buy” rating in a research report on Thursday, June 13th. SVB Leerink raised their price objective on shares of Mereo BioPharma Group from $6.00 to $8.00 and gave the stock an “outperform” rating in a report on Thursday, June 20th. Finally, Robert W. Baird began coverage on shares of 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. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Mereo BioPharma Group currently has a consensus rating of “Buy” and a consensus price target of $7.50.

Mereo BioPharma Group Stock Down 1.7 %

The firm has a fifty day moving average of $3.33 and a two-hundred day moving average of $3.21.

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

Insider Activity at Mereo BioPharma Group

In other Mereo BioPharma Group news, insider Alexandra Hughes-Wilson sold 100,432 shares of the stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $2.97, for a total transaction of $298,283.04. Following the sale, the insider now owns 32,568 shares in the company, valued at $96,726.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider John A. Lewicki sold 7,416 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $3.69, for a total transaction of $27,365.04. Following the completion of the transaction, the insider now owns 65,587 shares of the company’s stock, valued at $242,016.03. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Alexandra Hughes-Wilson sold 100,432 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $2.97, for a total transaction of $298,283.04. Following the sale, the insider now directly owns 32,568 shares in the company, valued at approximately $96,726.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 175,752 shares of company stock worth $576,214. Corporate insiders own 4.13% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Advisors Preferred LLC purchased a new stake in shares of Mereo BioPharma Group in the first quarter worth $28,000. SG Americas Securities LLC purchased a new stake in shares of Mereo BioPharma Group in the 1st quarter valued at about $54,000. BNP Paribas Financial Markets boosted its position in shares of 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 acquiring an additional 17,432 shares during the last quarter. Golden State Equity Partners increased its position in shares of Mereo BioPharma Group by 41.0% in the fourth quarter. Golden State Equity Partners now owns 20,300 shares of the company’s stock worth $47,000 after purchasing an additional 5,900 shares during the last quarter. Finally, Index Fund Advisors Inc. purchased a new stake in Mereo BioPharma Group in the first quarter valued at approximately $99,000. 62.83% of the stock is currently owned by hedge funds and other institutional investors.

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.