Mereo BioPharma Group (NASDAQ:MREO) Shares Gap Down - Time to Sell?

Mereo BioPharma Group plc (NASDAQ:MREO - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $3.55, but opened at $3.30. Mereo BioPharma Group shares last traded at $3.23, with a volume of 222,892 shares.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MREO. Jefferies Financial Group began coverage on shares of 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 reiterated a "buy" rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a research report on Monday. Cantor Fitzgerald upgraded Mereo BioPharma Group to a "strong-buy" rating in a research report on Sunday, December 8th. Finally, Lifesci Capital assumed coverage on shares of Mereo BioPharma Group in a research report on Tuesday, December 24th. They set an "outperform" rating and a $10.00 price target on the stock. Four investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $7.83.

Mereo BioPharma Group Stock Down 5.9 %

The firm's 50 day moving average is $3.68 and its 200 day moving average is $4.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Frazier Life Sciences Management L.P. purchased a new position in shares of Mereo BioPharma Group during the second quarter valued at approximately $15,845,000. Integral Health Asset Management LLC increased its position in Mereo BioPharma Group by 86.8% during the 2nd quarter. Integral Health Asset Management LLC now owns 1,775,000 shares of the company's stock valued at $6,390,000 after purchasing an additional 825,000 shares during the period. Rubric Capital Management LP raised its holdings in Mereo BioPharma Group by 12.9% in the 2nd 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. Deerfield Management Company L.P. Series C purchased a new stake in shares of Mereo BioPharma Group in the 2nd quarter worth about $24,158,000. Finally, Millennium Management LLC boosted its stake in shares of Mereo BioPharma Group by 46.9% during the 2nd quarter. Millennium Management LLC now owns 3,201,705 shares of the company's stock valued at $11,526,000 after purchasing an additional 1,022,570 shares in the last quarter. Institutional investors own 62.83% of the company's stock.

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.