Mereo BioPharma Group (NASDAQ:MREO) Trading Down 4.5% – Time to Sell?

Shares of Mereo BioPharma Group plc (NASDAQ:MREO) were down 4.5% during trading on Monday . The company traded as low as $3.52 and last traded at $3.57. Approximately 89,943 shares were traded during trading, a decline of 88% from the average daily volume of 779,022 shares. The stock had previously closed at $3.74.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Cantor Fitzgerald raised shares of Mereo BioPharma Group to a “strong-buy” rating in a research report on Sunday, December 8th. Needham & Company LLC restated a “buy” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a research report on Tuesday, November 12th. Finally, Jefferies Financial Group started coverage on Mereo BioPharma Group in a research report on Friday, December 6th. They issued a “buy” rating and a $7.00 target price on the stock. Four research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $7.40.

Mereo BioPharma Group Price Performance

The stock has a 50-day moving average of $3.95 and a 200 day moving average of $4.02.

Hedge Funds Weigh In On Mereo BioPharma Group

Several hedge funds have recently bought and sold shares of MREO. Rhumbline Advisers lifted its holdings in shares of 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 acquiring an additional 2,887 shares during the period. GAMMA Investing LLC grew its holdings in shares of Mereo BioPharma Group by 58.1% during the 3rd quarter. GAMMA Investing LLC now owns 10,693 shares of the company’s stock valued at $44,000 after purchasing an additional 3,928 shares during the last quarter. State Street Corp acquired a new position in Mereo BioPharma Group during the 3rd quarter worth approximately $195,000. GSA Capital Partners LLP bought a new position in Mereo BioPharma Group in the 3rd quarter valued at approximately $276,000. Finally, Fred Alger Management LLC boosted its position in Mereo BioPharma Group by 108.1% in the third quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock valued at $422,000 after buying an additional 53,278 shares in the last quarter. 62.83% of the stock is owned by institutional investors.

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.