Mereo BioPharma Group (NASDAQ:MREO) Shares Down 4.5% – Here’s What Happened

Mereo BioPharma Group plc (NASDAQ:MREO)’s share price dropped 4.5% during mid-day trading on Monday . The stock traded as low as $3.52 and last traded at $3.57. Approximately 89,943 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 779,022 shares. The stock had previously closed at $3.74.

Analyst Ratings Changes

A number of brokerages recently commented on MREO. Jefferies Financial Group began coverage on Mereo BioPharma Group in a research report on Friday, December 6th. They issued a “buy” rating and a $7.00 price objective for the company. Cantor Fitzgerald upgraded Mereo BioPharma Group to a “strong-buy” rating in a report on Sunday, December 8th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research report on Tuesday, November 12th. Four equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $7.40.

Mereo BioPharma Group Trading Down 1.4 %

The company’s 50-day moving average price is $3.95 and its 200-day moving average price is $4.02.

Institutional Investors Weigh In On Mereo BioPharma Group

Several institutional investors have recently bought and sold shares of MREO. Deerfield Management Company L.P. Series C acquired a new position in Mereo BioPharma Group during the second quarter worth $24,158,000. Janus Henderson Group PLC grew its stake 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 valued at $50,865,000 after purchasing an additional 4,464,984 shares in the last quarter. Frazier Life Sciences Management L.P. bought a new position in shares of Mereo BioPharma Group in the second quarter valued at $15,845,000. Rubric Capital Management LP grew its position 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 valued at $55,106,000 after acquiring an additional 1,754,350 shares during the period. Finally, Perceptive Advisors LLC acquired a new position in shares of Mereo BioPharma Group during the 2nd quarter worth about $4,512,000. 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.