Mereo BioPharma Group (NASDAQ:MREO) Hits New 52-Week Low - Should You Sell?

Mereo BioPharma Group plc (NASDAQ:MREO - Get Free Report) hit a new 52-week low on Friday . The company traded as low as $3.11 and last traded at $3.27, with a volume of 624004 shares changing hands. The stock had previously closed at $3.29.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Jefferies Financial Group assumed coverage on Mereo BioPharma Group in a research report on Friday, December 6th. They issued a "buy" rating and a $7.00 target price for the company. Needham & Company LLC restated a "buy" rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a report on Tuesday, November 12th. Finally, Cantor Fitzgerald raised shares of Mereo BioPharma Group to a "strong-buy" rating in a report on Sunday, December 8th. Four investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Mereo BioPharma Group currently has an average rating of "Buy" and an average price target of $7.40.

Mereo BioPharma Group Price Performance

The stock has a 50 day simple moving average of $3.90 and a 200 day simple moving average of $4.01.

Institutional Investors Weigh In On Mereo BioPharma Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers lifted 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 worth $25,000 after buying an additional 2,887 shares during the period. GAMMA Investing LLC increased its stake in shares of Mereo BioPharma Group by 58.1% during the third quarter. GAMMA Investing LLC now owns 10,693 shares of the company's stock valued at $44,000 after buying an additional 3,928 shares during the period. State Street Corp bought a new position in shares of Mereo BioPharma Group during the third quarter valued at approximately $195,000. GSA Capital Partners LLP purchased a new stake in Mereo BioPharma Group in the third quarter worth $276,000. Finally, Fred Alger Management LLC boosted its holdings in Mereo BioPharma Group by 108.1% in the third quarter. Fred Alger Management LLC now owns 102,582 shares of the company's stock valued at $422,000 after acquiring an additional 53,278 shares in the last quarter. 62.83% of the stock is currently owned by institutional investors.

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.