Mereo BioPharma Group (NASDAQ:MREO) Hits New 1-Year Low – Time to Sell?

Shares of Mereo BioPharma Group plc (NASDAQ:MREO) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $3.05 and last traded at $3.34, with a volume of 2557519 shares. The stock had previously closed at $3.55.

Wall Street Analyst Weigh In

A number of research firms have commented on MREO. Lifesci Capital began coverage on Mereo BioPharma Group in a research report on Tuesday, December 24th. They set an “outperform” rating and a $10.00 target price on the stock. Cantor Fitzgerald upgraded shares of Mereo BioPharma Group to a “strong-buy” rating in a research report on Sunday, December 8th. Needham & Company LLC restated a “buy” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a report on Monday. Finally, Jefferies Financial Group started coverage on shares of Mereo BioPharma Group in a report on Friday, December 6th. They issued a “buy” rating and a $7.00 price target on the stock. Four analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, Mereo BioPharma Group has a consensus rating of “Buy” and a consensus price target of $7.83.

Mereo BioPharma Group Stock Down 1.0 %

The firm’s 50 day moving average is $3.65 and its two-hundred day moving average is $4.00.

Institutional Investors Weigh In On Mereo BioPharma Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Deerfield Management Company L.P. Series C acquired a new stake in Mereo BioPharma Group during the second quarter worth approximately $24,158,000. Janus Henderson Group PLC lifted its stake in shares of Mereo BioPharma Group by 56.7% during the 3rd quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company’s stock worth $50,865,000 after purchasing an additional 4,464,984 shares during the period. Frazier Life Sciences Management L.P. acquired a new stake in shares of Mereo BioPharma Group during the second quarter worth $15,845,000. Rubric Capital Management LP boosted its holdings in shares of Mereo BioPharma Group by 12.9% during the second quarter. Rubric Capital Management LP now owns 15,307,347 shares of the company’s stock worth $55,106,000 after purchasing an additional 1,754,350 shares during the last quarter. Finally, Perceptive Advisors LLC purchased a new stake in shares of Mereo BioPharma Group in the second quarter valued at $4,512,000. 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.