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

Mereo BioPharma Group plc (NASDAQ:MREO - Get Free Report) hit a new 52-week low during trading on Friday . The stock traded as low as $3.62 and last traded at $3.63, with a volume of 102993 shares trading hands. The stock had previously closed at $3.82.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $7.00 price target on shares of Mereo BioPharma Group in a research report on Tuesday, October 1st. Needham & Company LLC reiterated a "buy" rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research note on Tuesday. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $7.50.

Mereo BioPharma Group Stock Performance

The company has a 50 day moving average price of $4.26 and a 200 day moving average price of $3.93.

Insider Buying and Selling at Mereo BioPharma Group

In other Mereo BioPharma Group news, General Counsel Charles Sermon sold 9,980 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $4.47, for a total transaction of $44,610.60. Following the transaction, the general counsel now owns 240,007 shares in the company, valued at $1,072,831.29. This represents a 3.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Deepika Pakianathan sold 105,244 shares of Mereo BioPharma Group stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $4.43, for a total transaction of $466,230.92. The disclosure for this sale can be found here. Insiders have sold a total of 158,175 shares of company stock worth $702,832 over the last ninety days. Insiders own 4.13% of the company's stock.

Institutional Trading of Mereo BioPharma Group

A number of institutional investors have recently modified their holdings of MREO. Deerfield Management Company L.P. Series C acquired a new position in Mereo BioPharma Group in the second quarter valued at about $24,158,000. Janus Henderson Group PLC bought a new stake in shares of Mereo BioPharma Group during the 1st quarter worth approximately $16,949,000. Frazier Life Sciences Management L.P. acquired a new stake in shares of Mereo BioPharma Group during the 2nd quarter worth approximately $15,845,000. Rubric Capital Management LP raised its position in 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 valued at $55,106,000 after purchasing an additional 1,754,350 shares in the last quarter. Finally, Perceptive Advisors LLC bought a new stake in shares of Mereo BioPharma Group during the 2nd quarter worth $4,512,000. 62.83% of the stock is currently owned by 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.