Mereo BioPharma Group (NASDAQ:MREO) Stock Price Down 6.4% – Time to Sell?

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

Analyst Ratings Changes

Several equities research analysts have issued reports on MREO shares. Needham & Company LLC reiterated a “buy” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Tuesday, August 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research report on Tuesday, October 1st. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $7.50.

Mereo BioPharma Group Stock Performance

The business’s 50-day moving average price is $4.39 and its 200 day moving average price is $3.79.

Insider Activity at Mereo BioPharma Group

In related news, CEO Denise Scots-Knight sold 28,611 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 value of $127,891.17. Following the sale, the chief executive officer now directly owns 868,967 shares of the company’s stock, valued at $3,884,282.49. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Mereo BioPharma Group news, Director Deepika Pakianathan sold 105,244 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $4.43, for a total transaction of $466,230.92. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Denise Scots-Knight sold 28,611 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 $127,891.17. Following the sale, the chief executive officer now directly 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 disclosure for this sale can be found here. Insiders have sold 158,175 shares of company stock valued at $702,832 over the last ninety days. Corporate insiders own 4.13% of the company’s stock.

Institutional Trading of Mereo BioPharma Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Rubric Capital Management LP raised its holdings in shares of Mereo BioPharma Group by 12.9% during the second quarter. Rubric Capital Management LP now owns 15,307,347 shares of the company’s stock worth $55,106,000 after purchasing an additional 1,754,350 shares during the period. Deerfield Management Company L.P. Series C acquired a new stake in shares of Mereo BioPharma Group during the second quarter worth $24,158,000. Janus Henderson Group PLC bought a new position in shares of Mereo BioPharma Group during the first quarter worth about $16,949,000. Frazier Life Sciences Management L.P. bought a new position in shares of Mereo BioPharma Group during the second quarter worth about $15,845,000. Finally, Millennium Management LLC grew its position in shares of Mereo BioPharma Group by 46.9% during the second quarter. Millennium Management LLC now owns 3,201,705 shares of the company’s stock worth $11,526,000 after acquiring an additional 1,022,570 shares during the last quarter. 62.83% of the stock is owned by institutional investors and hedge funds.

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.