Mereo BioPharma Group (NASDAQ:MREO) Trading Down 4.5% - Here's Why

Mereo BioPharma Group plc (NASDAQ:MREO - Get Free Report) shares fell 4.5% during mid-day trading on Monday . The stock traded as low as $3.52 and last traded at $3.57. 89,943 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 779,022 shares. The stock had previously closed at $3.74.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MREO. Needham & Company LLC reissued a "buy" rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research note on Tuesday, November 12th. Jefferies Financial Group began coverage on Mereo BioPharma Group in a report on Friday, December 6th. They set a "buy" rating and a $7.00 price objective for the company. Finally, Cantor Fitzgerald upgraded Mereo BioPharma Group to a "strong-buy" rating in a report on Sunday, December 8th. Four research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $7.40.

Mereo BioPharma Group Price Performance

The company has a 50-day simple moving average of $3.98 and a two-hundred day simple moving average of $4.02.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rubric Capital Management LP grew its stake in shares of Mereo BioPharma Group by 12.9% during the 2nd quarter. Rubric Capital Management LP now owns 15,307,347 shares of the company's stock worth $55,106,000 after acquiring an additional 1,754,350 shares during the period. Janus Henderson Group PLC grew its stake in shares of 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 period. Deerfield Management Company L.P. Series C bought a new position in shares of Mereo BioPharma Group during the 2nd quarter worth $24,158,000. Frazier Life Sciences Management L.P. grew its stake in shares of Mereo BioPharma Group by 15.8% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 5,097,779 shares of the company's stock worth $20,952,000 after acquiring an additional 696,408 shares during the period. Finally, Millennium Management LLC grew 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 worth $11,526,000 after acquiring an additional 1,022,570 shares during the period. Hedge funds and other 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.