Jefferies Financial Group Begins Coverage on Mereo BioPharma Group (NASDAQ:MREO)

Investment analysts at Jefferies Financial Group began coverage on shares of Mereo BioPharma Group (NASDAQ:MREO) in a report released on Friday, MarketBeat reports. The brokerage set a “buy” rating and a $7.00 price target on the stock. Jefferies Financial Group’s price target suggests a potential upside of 101.73% from the company’s current price.

A number of other analysts have also recently weighed in on MREO. Needham & Company LLC reiterated a “buy” rating and set a $7.00 price target on shares of Mereo BioPharma Group in a research report on Tuesday, November 12th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $7.00 target price on shares of Mereo BioPharma Group in a research note on Tuesday, October 1st. Five equities research 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.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $7.40.

Mereo BioPharma Group Stock Down 2.5 %

Shares of NASDAQ:MREO opened at $3.47 on Friday. Mereo BioPharma Group has a fifty-two week low of $3.17 and a fifty-two week high of $5.02. The firm has a 50-day simple moving average of $4.04 and a 200 day simple moving average of $3.98.

Insider Activity at Mereo BioPharma Group

In related news, CFO Christine Ann Fox sold 9,128 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $4.47, for a total value of $40,802.16. Following the completion of the transaction, the chief financial officer now owns 108,443 shares in the company, valued at $484,740.21. This represents a 7.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Charles Sermon sold 9,980 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $4.47, for a total transaction of $44,610.60. Following the sale, the general counsel now owns 240,007 shares in the company, valued at $1,072,831.29. This trade represents a 3.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,931 shares of company stock worth $236,602 in the last three months. 4.13% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mereo BioPharma Group

A number of institutional investors have recently added to or reduced their stakes in the company. Rubric Capital Management LP raised its stake in shares of Mereo BioPharma Group by 12.9% in the 2nd 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 in the last quarter. Janus Henderson Group PLC raised its position in Mereo BioPharma Group by 56.7% in the third quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company’s stock worth $50,865,000 after acquiring an additional 4,464,984 shares in the last quarter. Deerfield Management Company L.P. Series C acquired a new stake in Mereo BioPharma Group in the 2nd quarter valued at about $24,158,000. Frazier Life Sciences Management L.P. boosted its position in shares of Mereo BioPharma Group by 15.8% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 5,097,779 shares of the company’s stock valued at $20,952,000 after purchasing an additional 696,408 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of 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 purchasing an additional 1,022,570 shares during the last quarter. 62.83% of the stock is currently owned by institutional investors and hedge funds.

Mereo BioPharma Group Company Profile

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.