Mereo BioPharma Group (NASDAQ:MREO) Shares Down 6.4% - Should You Sell?

Mereo BioPharma Group plc (NASDAQ:MREO - Get Free Report) dropped 6.4% during trading on Wednesday . The company traded as low as $4.05 and last traded at $4.09. Approximately 356,226 shares changed hands during trading, a decline of 56% from the average daily volume of 805,587 shares. The stock had previously closed at $4.37.

Analysts Set New Price Targets

MREO has been the topic of a number of research analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Tuesday, August 13th. Cantor Fitzgerald reiterated an "overweight" rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Tuesday, October 1st. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $7.50.

Mereo BioPharma Group Trading Down 2.7 %

The stock's 50 day moving average is $4.39 and its 200 day moving average is $3.79.

Insiders Place Their Bets

In other Mereo BioPharma Group news, CEO Denise Scots-Knight sold 28,611 shares of Mereo BioPharma Group stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $4.47, for a total value of $127,891.17. Following the transaction, the chief executive officer now owns 868,967 shares in the company, valued at approximately $3,884,282.49. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Mereo BioPharma Group news, CEO Denise Scots-Knight sold 28,611 shares of Mereo BioPharma Group stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $4.47, for a total value of $127,891.17. Following the transaction, the chief executive officer now owns 868,967 shares in the company, valued at approximately $3,884,282.49. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Deepika Pakianathan sold 105,244 shares of Mereo BioPharma Group stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $4.43, for a total transaction of $466,230.92. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 158,175 shares of company stock worth $702,832. 4.13% of the stock is owned by insiders.

Hedge Funds Weigh In On Mereo BioPharma Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers grew its position in Mereo BioPharma Group by 70.9% during the 2nd quarter. Rhumbline Advisers now owns 6,958 shares of the company's stock worth $25,000 after purchasing an additional 2,887 shares in the last quarter. Advisors Preferred LLC purchased a new position in Mereo BioPharma Group during the 1st quarter worth approximately $28,000. GAMMA Investing LLC grew its position in Mereo BioPharma Group by 58.1% during the 3rd quarter. GAMMA Investing LLC now owns 10,693 shares of the company's stock worth $44,000 after purchasing an additional 3,928 shares in the last quarter. SG Americas Securities LLC purchased a new position in Mereo BioPharma Group during the 1st quarter worth approximately $54,000. Finally, BNP Paribas Financial Markets grew its position in Mereo BioPharma Group by 581,066.7% during the 1st quarter. BNP Paribas Financial Markets now owns 17,435 shares of the company's stock worth $58,000 after purchasing an additional 17,432 shares in the last quarter. 62.83% of the stock is currently owned by hedge funds and other institutional investors.

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.