Mereo BioPharma Group (NASDAQ:MREO) Shares Down 4.9%

Mereo BioPharma Group plc (NASDAQ:MREO)’s share price fell 4.9% during mid-day trading on Thursday . The stock traded as low as $4.42 and last traded at $4.43. 312,758 shares were traded during mid-day trading, a decline of 64% from the average session volume of 870,208 shares. The stock had previously closed at $4.66.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on MREO shares. Needham & Company LLC reiterated a “buy” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a research report on Tuesday, August 13th. Robert W. Baird began coverage on Mereo BioPharma Group in a research note on Thursday, June 13th. They issued an “outperform” rating and a $8.00 price target on the stock. Leerink Partners raised their target price 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. Cantor Fitzgerald restated an “overweight” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research report on Monday, July 22nd. Finally, Baird R W raised shares of Mereo BioPharma Group to a “strong-buy” rating in a research note on Thursday, June 13th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $7.50.

Mereo BioPharma Group Stock Performance

The stock has a 50 day moving average price of $4.19 and a two-hundred day moving average price of $3.61.

Insider Buying and Selling at Mereo BioPharma Group

In other news, Director Deepika Pakianathan sold 105,244 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $4.43, for a total transaction of $466,230.92. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider John A. Lewicki sold 7,416 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $3.69, for a total value of $27,365.04. Following the transaction, the insider now directly owns 65,587 shares of the company’s stock, valued at approximately $242,016.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Deepika Pakianathan sold 105,244 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were 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. Insiders sold 180,564 shares of company stock worth $744,162 over the last ninety days. 4.13% of the stock is currently owned by insiders.

Institutional Trading of Mereo BioPharma Group

Several large investors have recently modified their holdings of MREO. Rubric Capital Management LP lifted its position in Mereo BioPharma Group by 12.9% during the 2nd quarter. Rubric Capital Management LP now owns 15,307,347 shares of the company’s stock worth $55,106,000 after acquiring an additional 1,754,350 shares during the last quarter. Deerfield Management Company L.P. Series C acquired a new position in shares of Mereo BioPharma Group during the 2nd quarter worth about $24,158,000. Janus Henderson Group PLC bought a new stake in Mereo BioPharma Group during the 1st quarter valued at approximately $16,949,000. Frazier Life Sciences Management L.P. acquired a new stake in Mereo BioPharma Group in the 2nd quarter valued at approximately $15,845,000. Finally, Millennium Management LLC increased its position in Mereo BioPharma Group by 46.9% in the 2nd quarter. Millennium Management LLC now owns 3,201,705 shares of the company’s stock worth $11,526,000 after buying an additional 1,022,570 shares during the period. 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.