Mereo BioPharma Group (NASDAQ:MREO) Shares Gap Down – Here’s Why

Shares of Mereo BioPharma Group plc (NASDAQ:MREO) gapped down before the market opened on Monday . The stock had previously closed at $3.55, but opened at $3.30. Mereo BioPharma Group shares last traded at $3.23, with a volume of 222,892 shares trading hands.

Analyst Ratings Changes

Several research firms have recently commented on MREO. Jefferies Financial Group assumed coverage on Mereo BioPharma Group in a research note on Friday, December 6th. They issued a “buy” rating and a $7.00 price objective for the company. Cantor Fitzgerald upgraded shares of Mereo BioPharma Group to a “strong-buy” rating in a research note on Sunday, December 8th. Needham & Company LLC reiterated a “buy” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research report on Monday. Finally, Lifesci Capital began coverage on shares of Mereo BioPharma Group in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $10.00 price objective for the company. Four investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $7.83.

Mereo BioPharma Group Stock Down 10.4 %

The company has a 50 day simple moving average of $3.68 and a two-hundred day simple moving average of $4.00.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of hedge funds and other institutional investors have recently modified their holdings of MREO. Deerfield Management Company L.P. Series C purchased a new stake in Mereo BioPharma Group in the 2nd quarter worth $24,158,000. Janus Henderson Group PLC increased its stake in Mereo BioPharma Group by 56.7% in the 3rd quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company’s stock worth $50,865,000 after acquiring an additional 4,464,984 shares during the last quarter. Frazier Life Sciences Management L.P. purchased a new stake in shares of Mereo BioPharma Group during the 2nd quarter worth approximately $15,845,000. Rubric Capital Management LP raised its position in shares of Mereo BioPharma Group by 12.9% during the 2nd 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 in the last quarter. Finally, Perceptive Advisors LLC bought a new stake in Mereo BioPharma Group in the second quarter worth about $4,512,000. 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.