Mereo BioPharma Group plc (NASDAQ:MREO) Receives Average Recommendation of "Buy" from Analysts

Shares of Mereo BioPharma Group plc (NASDAQ:MREO - Get Free Report) have been assigned an average recommendation of "Buy" from the six research firms that are covering the stock, Marketbeat reports. Five equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $7.40.

Several research firms have commented on MREO. Needham & Company LLC restated a "buy" rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research note on Tuesday, November 12th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $7.00 target price on shares of Mereo BioPharma Group in a report on Tuesday, October 1st. Finally, Jefferies Financial Group began coverage on Mereo BioPharma Group in a report on Friday. They set a "buy" rating and a $7.00 price target on the stock.

Insider Buying and Selling

In other news, CFO Christine Ann Fox sold 9,128 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $4.47, for a total value of $40,802.16. Following the transaction, the chief financial officer now owns 108,443 shares in the company, valued at approximately $484,740.21. This represents a 7.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Charles Sermon sold 9,980 shares of the business's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $4.47, for a total value of $44,610.60. Following the sale, the general counsel now owns 240,007 shares of the company's stock, valued at approximately $1,072,831.29. The trade was a 3.99 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,931 shares of company stock worth $236,602. Corporate insiders own 4.13% of the company's stock.

Hedge Funds Weigh In On Mereo BioPharma Group

Several hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its holdings in shares of Mereo BioPharma Group by 70.9% in the 2nd quarter. Rhumbline Advisers now owns 6,958 shares of the company's stock valued at $25,000 after buying an additional 2,887 shares in the last quarter. GAMMA Investing LLC lifted its position in Mereo BioPharma Group by 58.1% in the third quarter. GAMMA Investing LLC now owns 10,693 shares of the company's stock valued at $44,000 after acquiring an additional 3,928 shares during the last quarter. State Street Corp acquired a new position in Mereo BioPharma Group in the third quarter valued at $195,000. GSA Capital Partners LLP acquired a new position in Mereo BioPharma Group in the third quarter valued at $276,000. Finally, Fred Alger Management LLC grew its holdings in shares of Mereo BioPharma Group by 108.1% during the third quarter. Fred Alger Management LLC now owns 102,582 shares of the company's stock worth $422,000 after purchasing an additional 53,278 shares during the last quarter. 62.83% of the stock is currently owned by hedge funds and other institutional investors.

Mereo BioPharma Group Trading Up 8.6 %

Shares of MREO stock traded up $0.30 during trading on Friday, reaching $3.77. The company's stock had a trading volume of 787,075 shares, compared to its average volume of 902,491. Mereo BioPharma Group has a 1-year low of $3.17 and a 1-year high of $5.02. The stock's 50-day moving average price is $4.04 and its 200 day moving average price is $3.98.

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.