Mereo BioPharma Group (NASDAQ:MREO) Trading Down 2.6% – Here’s What Happened

Mereo BioPharma Group plc (NASDAQ:MREO)’s stock price dropped 2.6% during mid-day trading on Thursday . The stock traded as low as $3.65 and last traded at $3.71. Approximately 174,809 shares changed hands during trading, a decline of 79% from the average daily volume of 830,890 shares. The stock had previously closed at $3.81.

Analyst Ratings Changes

MREO has been the topic of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a research report on Tuesday, November 12th. Jefferies Financial Group began coverage on shares of Mereo BioPharma Group in a report on Friday, December 6th. They issued a “buy” rating and a $7.00 price target on the stock. Lifesci Capital assumed coverage on shares of Mereo BioPharma Group in a report on Tuesday. They set an “outperform” rating and a $10.00 price objective for the company. Finally, Cantor Fitzgerald upgraded shares of Mereo BioPharma Group to a “strong-buy” rating in a research note on Sunday, December 8th. Four investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Mereo BioPharma Group currently has a consensus rating of “Buy” and a consensus price target of $7.83.

Mereo BioPharma Group Trading Down 1.1 %

The company’s 50-day moving average is $3.82 and its 200 day moving average is $4.02.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of large investors have recently added to or reduced their stakes in the stock. Rubric Capital Management LP increased its stake in shares of Mereo BioPharma Group by 12.9% during the second quarter. Rubric Capital Management LP now owns 15,307,347 shares of the company’s stock worth $55,106,000 after purchasing an additional 1,754,350 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Mereo BioPharma Group by 56.7% in the 3rd quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company’s stock worth $50,865,000 after buying an additional 4,464,984 shares during the last quarter. Deerfield Management Company L.P. Series C purchased a new stake in Mereo BioPharma Group during the 2nd quarter worth approximately $24,158,000. Frazier Life Sciences Management L.P. increased its stake in 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 worth $20,952,000 after buying an additional 696,408 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Mereo BioPharma Group by 46.9% during the second quarter. Millennium Management LLC now owns 3,201,705 shares of the company’s stock valued at $11,526,000 after acquiring an additional 1,022,570 shares during the last quarter. 62.83% of the stock is currently owned by institutional investors and hedge funds.

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.