Cantor Fitzgerald Upgrades Mereo BioPharma Group (NASDAQ:MREO) to Strong-Buy

Mereo BioPharma Group (NASDAQ:MREO - Get Free Report) was upgraded by investment analysts at Cantor Fitzgerald to a "strong-buy" rating in a research report issued to clients and investors on Sunday,Zacks.com reports.

A number of other equities analysts also recently issued reports on MREO. Jefferies Financial Group initiated coverage on Mereo BioPharma Group in a report on Friday. They issued a "buy" rating and a $7.00 price objective for the company. Needham & Company LLC reiterated a "buy" rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a report on Tuesday, November 12th. Four analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $7.40.

Mereo BioPharma Group Price Performance

MREO traded up $0.06 during trading on Friday, reaching $3.86. The stock had a trading volume of 528,477 shares, compared to its average volume of 792,678. The stock's 50 day moving average is $4.03 and its two-hundred day moving average is $4.00. Mereo BioPharma Group has a one year low of $3.17 and a one year high of $5.02.

Insider Activity

In related news, CFO Christine Ann Fox sold 9,128 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $4.47, for a total transaction of $40,802.16. Following the sale, the chief financial officer now directly owns 108,443 shares of the company's stock, valued at $484,740.21. This trade represents a 7.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Charles Sermon sold 9,980 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $4.47, for a total value of $44,610.60. Following the sale, the general counsel now directly 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 sold 52,931 shares of company stock worth $236,602 over the last three months. 4.13% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mereo BioPharma Group

Several institutional investors have recently modified their holdings of the business. Rhumbline Advisers grew its stake in shares of Mereo BioPharma Group by 70.9% during the 2nd quarter. Rhumbline Advisers now owns 6,958 shares of the company's stock valued at $25,000 after purchasing an additional 2,887 shares during the period. GAMMA Investing LLC grew its stake 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 valued at $44,000 after purchasing an additional 3,928 shares during the period. State Street Corp bought a new stake in shares of Mereo BioPharma Group during the 3rd quarter valued at about $195,000. GSA Capital Partners LLP bought a new stake in shares of Mereo BioPharma Group during the 3rd quarter valued at about $276,000. Finally, Fred Alger Management LLC grew its stake in shares of Mereo BioPharma Group by 108.1% during the 3rd quarter. Fred Alger Management LLC now owns 102,582 shares of the company's stock valued at $422,000 after purchasing an additional 53,278 shares during the period. 62.83% of the stock is owned by hedge funds and other institutional investors.

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.