Mereo BioPharma Group (NASDAQ:MREO) Shares Down 4% – Should You Sell?

Mereo BioPharma Group plc (NASDAQ:MREO)’s stock price traded down 4% during mid-day trading on Monday . The stock traded as low as $3.55 and last traded at $3.57. 419,846 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 799,852 shares. The stock had previously closed at $3.72.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Tuesday, October 1st. Needham & Company LLC restated a “buy” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a report on Tuesday, November 12th. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Mereo BioPharma Group currently has an average rating of “Buy” and an average price target of $7.50.

Mereo BioPharma Group Trading Up 4.7 %

The business has a fifty day simple moving average of $4.11 and a two-hundred day simple moving average of $3.96.

Insiders Place Their Bets

In other news, CFO Christine Ann Fox sold 9,128 shares of the stock in a transaction on Thursday, September 12th. The stock was 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 in the company, valued at approximately $484,740.21. This represents a 7.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Charles Sermon sold 9,980 shares of the stock in a transaction on Thursday, September 12th. The shares were 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. This represents a 3.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,931 shares of company stock worth $236,602 over the last 90 days. Company insiders own 4.13% of the company’s stock.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers raised its stake in Mereo BioPharma Group by 70.9% in 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 last quarter. GAMMA Investing LLC raised its stake in Mereo BioPharma Group by 58.1% in the 3rd quarter. GAMMA Investing LLC now owns 10,693 shares of the company’s stock worth $44,000 after acquiring an additional 3,928 shares during the last quarter. SG Americas Securities LLC purchased a new position in Mereo BioPharma Group in the 1st quarter worth $54,000. State Street Corp purchased a new position in Mereo BioPharma Group in the 3rd quarter worth $195,000. Finally, Polar Asset Management Partners Inc. raised its stake in Mereo BioPharma Group by 36.0% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 198,300 shares of the company’s stock worth $815,000 after acquiring an additional 52,500 shares during the last quarter. Hedge funds and other institutional investors own 62.83% of the company’s stock.

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.