Millennium Management LLC Acquires 1,022,570 Shares of Mereo BioPharma Group plc (NASDAQ:MREO)

Millennium Management LLC lifted its stake in Mereo BioPharma Group plc (NASDAQ:MREO - Free Report) by 46.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,201,705 shares of the company's stock after acquiring an additional 1,022,570 shares during the quarter. Millennium Management LLC owned approximately 2.28% of Mereo BioPharma Group worth $11,526,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Deerfield Management Company L.P. Series C acquired a new position in Mereo BioPharma Group during the second quarter worth $24,158,000. Marshall Wace LLP acquired a new position in Mereo BioPharma Group during the second quarter worth $4,119,000. Integral Health Asset Management LLC increased its position in Mereo BioPharma Group by 86.8% during the second quarter. Integral Health Asset Management LLC now owns 1,775,000 shares of the company's stock worth $6,390,000 after buying an additional 825,000 shares during the last quarter. Rubric Capital Management LP increased its position in Mereo BioPharma Group by 12.9% during the second quarter. Rubric Capital Management LP now owns 15,307,347 shares of the company's stock worth $55,106,000 after buying an additional 1,754,350 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in Mereo BioPharma Group by 5.4% during the second quarter. Renaissance Technologies LLC now owns 1,762,003 shares of the company's stock worth $6,343,000 after buying an additional 89,694 shares during the last quarter. 62.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MREO shares. Robert W. Baird started coverage on shares of Mereo BioPharma Group in a research report on Thursday, June 13th. They set an "outperform" rating and a $8.00 target price on the stock. Cantor Fitzgerald reissued an "overweight" rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research report on Tuesday, October 1st. Baird R W raised shares of Mereo BioPharma Group to a "strong-buy" rating in a research report on Thursday, June 13th. Needham & Company LLC reaffirmed a "buy" rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research report on Tuesday, August 13th. Finally, Leerink Partners raised their price target on Mereo BioPharma Group from $6.00 to $8.00 and gave the company an "outperform" rating in a research report on Thursday, June 20th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Mereo BioPharma Group presently has a consensus rating of "Buy" and an average target price of $7.50.

Mereo BioPharma Group Trading Down 2.1 %

Shares of NASDAQ:MREO traded down $0.09 during midday trading on Tuesday, hitting $4.16. The company's stock had a trading volume of 665,585 shares, compared to its average volume of 888,868. The stock's 50 day simple moving average is $4.26 and its 200 day simple moving average is $3.69. Mereo BioPharma Group plc has a fifty-two week low of $3.64 and a fifty-two week high of $5.02.

Insider Activity

In related news, General Counsel Charles Sermon sold 9,980 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $4.47, for a total value of $44,610.60. Following the completion of the sale, the general counsel now owns 240,007 shares in the company, valued at approximately $1,072,831.29. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, General Counsel Charles Sermon sold 9,980 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $4.47, for a total value of $44,610.60. Following the completion of the sale, the general counsel now owns 240,007 shares in the company, valued at approximately $1,072,831.29. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Christine Ann Fox sold 9,128 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $4.47, for a total transaction of $40,802.16. Following the completion of the sale, the chief financial officer now owns 108,443 shares of the company's stock, valued at approximately $484,740.21. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 158,175 shares of company stock valued at $702,832. 4.13% of the stock is owned by insiders.

Mereo BioPharma Group 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.