Mereo BioPharma Group (NASDAQ:MREO) Given Buy Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Mereo BioPharma Group (NASDAQ:MREO) in a research report report published on Tuesday morning,Benzinga reports. They currently have a $7.00 price objective on the stock.

Separately, Cantor Fitzgerald restated an “overweight” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Tuesday, October 1st. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $7.50.

Mereo BioPharma Group Stock Performance

Shares of NASDAQ:MREO opened at $3.53 on Tuesday. The business has a fifty day moving average price of $4.25 and a 200-day moving average price of $3.94. Mereo BioPharma Group has a 1-year low of $3.51 and a 1-year high of $5.02.

Insider Transactions at Mereo BioPharma Group

In related news, CFO Christine Ann Fox sold 9,128 shares of the firm’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 $40,802.16. Following the sale, the chief financial officer now owns 108,443 shares in the company, valued at approximately $484,740.21. This trade represents a 7.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Denise Scots-Knight sold 28,611 shares of Mereo BioPharma Group stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $4.47, for a total transaction of $127,891.17. Following the completion of the sale, the chief executive officer now directly owns 868,967 shares of the company’s stock, valued at approximately $3,884,282.49. This trade represents a 3.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 158,175 shares of company stock worth $702,832 over the last quarter. 4.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mereo BioPharma Group

Several hedge funds and other institutional investors have recently modified their holdings of MREO. Deerfield Management Company L.P. Series C purchased a new stake in Mereo BioPharma Group during the second quarter valued at $24,158,000. Janus Henderson Group PLC purchased a new stake in shares of Mereo BioPharma Group during the 1st quarter valued at about $16,949,000. Frazier Life Sciences Management L.P. bought a new position in shares of Mereo BioPharma Group in the 2nd quarter worth approximately $15,845,000. Rubric Capital Management LP boosted its holdings in shares of Mereo BioPharma Group by 12.9% in the second quarter. Rubric Capital Management LP now owns 15,307,347 shares of the company’s stock worth $55,106,000 after buying an additional 1,754,350 shares during the last quarter. Finally, Perceptive Advisors LLC bought a new stake in Mereo BioPharma Group during the second quarter valued at approximately $4,512,000. 62.83% of the stock is owned by 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.