Cantor Fitzgerald Reiterates Overweight Rating for Mereo BioPharma Group (NASDAQ:MREO)

Mereo BioPharma Group (NASDAQ:MREO)‘s stock had its “overweight” rating reaffirmed by analysts at Cantor Fitzgerald in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $7.00 target price on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 69.49% from the company’s previous close.

Several other brokerages have also issued reports on MREO. Baird R W raised Mereo BioPharma Group to a “strong-buy” rating in a research note on Thursday, June 13th. Needham & Company LLC increased their target price on shares of Mereo BioPharma Group from $6.00 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, June 12th. Robert W. Baird initiated coverage on shares of Mereo BioPharma Group in a report on Thursday, June 13th. They issued an “outperform” rating and a $8.00 price target for the company. Finally, SVB Leerink upped their price objective on shares of Mereo BioPharma Group from $6.00 to $8.00 and gave the company an “outperform” rating in a report on Thursday, June 20th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $7.50.

Mereo BioPharma Group Price Performance

Shares of NASDAQ MREO opened at $4.13 on Monday. Mereo BioPharma Group has a twelve month low of $1.07 and a twelve month high of $4.50. The firm has a fifty day simple moving average of $3.62 and a 200 day simple moving average of $3.40.

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

Insider Activity

In other news, CEO Denise Scots-Knight sold 40,712 shares of the business’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $3.69, for a total transaction of $150,227.28. Following the completion of the sale, the chief executive officer now directly owns 801,791 shares of the company’s stock, valued at $2,958,608.79. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider John A. Lewicki sold 7,416 shares of the company’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $3.69, for a total transaction of $27,365.04. Following the completion of the sale, the insider now owns 65,587 shares in the company, valued at $242,016.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Denise Scots-Knight sold 40,712 shares of the firm’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $3.69, for a total value of $150,227.28. Following the transaction, the chief executive officer now owns 801,791 shares in the company, valued at $2,958,608.79. The disclosure for this sale can be found here. Insiders sold 175,752 shares of company stock worth $576,214 over the last three months. 4.13% of the stock is currently owned by insiders.

Institutional Trading of Mereo BioPharma Group

Institutional investors have recently made changes to their positions in the company. Advisors Preferred LLC purchased a new position in Mereo BioPharma Group during the first quarter worth about $28,000. Golden State Equity Partners increased its position in shares of Mereo BioPharma Group by 41.0% during the fourth quarter. Golden State Equity Partners now owns 20,300 shares of the company’s stock valued at $47,000 after acquiring an additional 5,900 shares during the last quarter. SG Americas Securities LLC bought a new stake in Mereo BioPharma Group during the first quarter worth $54,000. BNP Paribas Financial Markets boosted its position in Mereo BioPharma Group by 581,066.7% in the first quarter. BNP Paribas Financial Markets now owns 17,435 shares of the company’s stock worth $58,000 after purchasing an additional 17,432 shares during the last quarter. Finally, Index Fund Advisors Inc. bought a new position in Mereo BioPharma Group in the 1st quarter valued at $99,000. Institutional investors own 62.83% of the company’s stock.

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.