Mereo BioPharma Group (NASDAQ:MREO) Stock Price Down 2.6% - What's Next?

Mereo BioPharma Group plc (NASDAQ:MREO - Get Free Report)'s share price was down 2.6% on Thursday . The stock traded as low as $3.65 and last traded at $3.71. Approximately 174,809 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 830,890 shares. The stock had previously closed at $3.81.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Needham & Company LLC reaffirmed a "buy" rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research report on Tuesday, November 12th. Jefferies Financial Group began coverage on Mereo BioPharma Group in a report on Friday, December 6th. They issued a "buy" rating and a $7.00 target price on the stock. Lifesci Capital started coverage on shares of Mereo BioPharma Group in a research report on Tuesday. They issued an "outperform" rating and a $10.00 price target on the stock. Finally, Cantor Fitzgerald upgraded shares of Mereo BioPharma Group to a "strong-buy" rating in a research report on Sunday, December 8th. Four equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $7.83.

Mereo BioPharma Group Stock Performance

The company's 50 day moving average is $3.83 and its 200-day moving average is $4.01.

Institutional Investors Weigh In On Mereo BioPharma Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Rubric Capital Management LP raised its stake in shares of Mereo BioPharma Group by 12.9% in the second 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 during the last quarter. Janus Henderson Group PLC boosted its holdings in Mereo BioPharma Group by 56.7% during the 3rd quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company's stock worth $50,865,000 after acquiring an additional 4,464,984 shares during the last quarter. Deerfield Management Company L.P. Series C bought a new stake in shares of Mereo BioPharma Group in the 2nd quarter worth $24,158,000. Frazier Life Sciences Management L.P. raised its holdings in shares of Mereo BioPharma Group by 15.8% in the third quarter. Frazier Life Sciences Management L.P. now owns 5,097,779 shares of the company's stock valued at $20,952,000 after purchasing an additional 696,408 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Mereo BioPharma Group by 46.9% during the second 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.

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.