Mereo BioPharma Group (NASDAQ:MREO) Stock Price Down 6.4% – Here’s Why

Mereo BioPharma Group plc (NASDAQ:MREO)’s stock price fell 6.4% during trading on Wednesday . The company traded as low as $4.05 and last traded at $4.09. 356,226 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 805,587 shares. The stock had previously closed at $4.37.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a report on Tuesday, August 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a report on Tuesday, October 1st. Four equities research 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 has an average rating of “Buy” and a consensus price target of $7.50.

Mereo BioPharma Group Stock Performance

The firm’s 50-day simple moving average is $4.38 and its 200 day simple moving average is $3.78.

Insider Transactions at Mereo BioPharma Group

In other news, CEO Denise Scots-Knight sold 28,611 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $4.47, for a total transaction of $127,891.17. Following the sale, the chief executive officer now owns 868,967 shares in the company, valued at $3,884,282.49. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, 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 value of $466,230.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Denise Scots-Knight sold 28,611 shares of Mereo BioPharma Group stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $4.47, for a total transaction of $127,891.17. Following the completion of the transaction, the chief executive officer now directly owns 868,967 shares of the company’s stock, valued at $3,884,282.49. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 158,175 shares of company stock valued at $702,832 over the last three months. 4.13% of the stock is currently owned by insiders.

Institutional Trading of Mereo BioPharma Group

A number of hedge funds and other institutional investors have recently modified their holdings of MREO. Price T Rowe Associates Inc. MD bought a new stake in shares of Mereo BioPharma Group in the 1st quarter valued at approximately $3,274,000. Janus Henderson Group PLC bought a new position in shares of Mereo BioPharma Group in the first quarter valued at approximately $16,949,000. Frazier Life Sciences Management L.P. bought a new stake in Mereo BioPharma Group during the 2nd quarter worth about $15,845,000. Integral Health Asset Management LLC increased its stake in shares of Mereo BioPharma Group by 86.8% in the 2nd quarter. Integral Health Asset Management LLC now owns 1,775,000 shares of the company’s stock valued at $6,390,000 after buying an additional 825,000 shares during the period. Finally, Rubric Capital Management LP lifted its holdings in 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 valued at $55,106,000 after buying an additional 1,754,350 shares during the period. 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.