Fred Alger Management LLC Buys 53,278 Shares of Mereo BioPharma Group plc (NASDAQ:MREO)

Fred Alger Management LLC grew its stake in shares of Mereo BioPharma Group plc (NASDAQ:MREO) by 108.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 102,582 shares of the company’s stock after buying an additional 53,278 shares during the period. Fred Alger Management LLC’s holdings in Mereo BioPharma Group were worth $422,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Deerfield Management Company L.P. Series C bought a new stake in Mereo BioPharma Group during the 2nd quarter worth approximately $24,158,000. Frazier Life Sciences Management L.P. purchased a new stake in shares of Mereo BioPharma Group in the second quarter worth $15,845,000. Rubric Capital Management LP lifted its stake 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. Perceptive Advisors LLC bought a new position in Mereo BioPharma Group in the 2nd quarter worth $4,512,000. Finally, Marshall Wace LLP purchased a new stake in Mereo BioPharma Group in the 2nd quarter worth $4,119,000. 62.83% of the stock is currently owned by institutional investors.

Insider Activity

In related news, General Counsel Charles Sermon sold 9,980 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $4.47, for a total transaction of $44,610.60. Following the sale, the general counsel now owns 240,007 shares of the company’s stock, valued at $1,072,831.29. This represents a 3.99 % 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. Also, CFO Christine Ann Fox sold 9,128 shares of Mereo BioPharma Group 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 transaction, the chief financial officer now directly owns 108,443 shares of the company’s stock, valued at $484,740.21. The trade was a 7.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,931 shares of company stock worth $236,602. 4.13% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Tuesday, November 12th. Cantor Fitzgerald restated an “overweight” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research note on Tuesday, October 1st. Four 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, the company has a consensus rating of “Buy” and a consensus target price of $7.50.

Mereo BioPharma Group Price Performance

Shares of Mereo BioPharma Group stock opened at $3.61 on Monday. Mereo BioPharma Group plc has a 12 month low of $3.17 and a 12 month high of $5.02. The stock has a 50 day moving average of $4.08 and a 200 day moving average of $3.98.

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.