Mereo BioPharma Group (NASDAQ:MREO) Sets New 12-Month Low – What’s Next?

Shares of Mereo BioPharma Group plc (NASDAQ:MREO) reached a new 52-week low during trading on Friday . The company traded as low as $3.11 and last traded at $3.27, with a volume of 624004 shares traded. The stock had previously closed at $3.29.

Analysts Set New Price Targets

MREO has been the topic of a number of research reports. Jefferies Financial Group initiated coverage on shares of Mereo BioPharma Group in a research note on Friday, December 6th. They issued a “buy” rating and a $7.00 price target on the stock. Cantor Fitzgerald upgraded Mereo BioPharma Group to a “strong-buy” rating in a research report on Sunday, December 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research note on Tuesday, November 12th. Four investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $7.40.

Mereo BioPharma Group Stock Performance

The firm’s 50 day moving average is $3.90 and its 200-day moving average is $4.01.

Institutional Investors Weigh In On Mereo BioPharma Group

Several hedge funds and other institutional investors have recently made changes to their positions in MREO. Rhumbline Advisers grew its holdings in Mereo BioPharma Group by 70.9% in the 2nd quarter. Rhumbline Advisers now owns 6,958 shares of the company’s stock valued at $25,000 after buying an additional 2,887 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Mereo BioPharma Group by 58.1% during the 3rd quarter. GAMMA Investing LLC now owns 10,693 shares of the company’s stock worth $44,000 after acquiring an additional 3,928 shares during the period. State Street Corp acquired a new position in shares of Mereo BioPharma Group during the 3rd quarter valued at about $195,000. Polar Asset Management Partners Inc. increased its position in Mereo BioPharma Group by 36.0% during the third quarter. Polar Asset Management Partners Inc. now owns 198,300 shares of the company’s stock worth $815,000 after purchasing an additional 52,500 shares during the last quarter. Finally, Fred Alger Management LLC raised its stake in Mereo BioPharma Group by 108.1% during the third quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock worth $422,000 after purchasing an additional 53,278 shares during the period. Institutional investors and hedge funds own 62.83% of the company’s stock.

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.