Mereo BioPharma Group (NASDAQ:MREO) Hits New 1-Year Low - Here's What Happened

Shares of Mereo BioPharma Group plc (NASDAQ:MREO - Get Free Report) hit a new 52-week low during trading on Tuesday . The company traded as low as $3.05 and last traded at $3.34, with a volume of 2557519 shares trading hands. The stock had previously closed at $3.55.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MREO shares. Cantor Fitzgerald upgraded Mereo BioPharma Group to a "strong-buy" rating in a report on Sunday, December 8th. Lifesci Capital started coverage on shares of Mereo BioPharma Group in a report on Tuesday, December 24th. They set an "outperform" rating and a $10.00 price target on the stock. Needham & Company LLC reissued a "buy" rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Monday. Finally, Jefferies Financial Group initiated coverage on Mereo BioPharma Group in a research report on Friday, December 6th. They set a "buy" rating and a $7.00 target price for the company. Four analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, Mereo BioPharma Group currently has a consensus rating of "Buy" and a consensus price target of $7.83.

Mereo BioPharma Group Stock Down 8.4 %

The firm's fifty day moving average is $3.67 and its 200-day moving average is $4.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MREO. Rhumbline Advisers grew its holdings in shares of Mereo BioPharma Group by 70.9% during the second quarter. Rhumbline Advisers now owns 6,958 shares of the company's stock valued at $25,000 after buying an additional 2,887 shares during the last quarter. GAMMA Investing LLC boosted its stake in 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 last quarter. State Street Corp bought a new stake in Mereo BioPharma Group during the 3rd quarter worth approximately $195,000. GSA Capital Partners LLP purchased a new stake in shares of Mereo BioPharma Group in the third quarter worth approximately $276,000. Finally, Fred Alger Management LLC lifted its holdings in shares of 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 purchasing an additional 53,278 shares in the last quarter. 62.83% of the stock is 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.