Mereo BioPharma Group (NASDAQ:MREO) Hits New 12-Month Low – Here’s What Happened

Mereo BioPharma Group plc (NASDAQ:MREO)’s stock price hit a new 52-week low on Tuesday . The company traded as low as $3.05 and last traded at $3.34, with a volume of 2557519 shares traded. The stock had previously closed at $3.55.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on MREO shares. Cantor Fitzgerald raised shares of Mereo BioPharma Group to a “strong-buy” rating in a report on Sunday, December 8th. Lifesci Capital started coverage on Mereo BioPharma Group in a research report on Tuesday, December 24th. They set an “outperform” rating and a $10.00 price objective for the company. Jefferies Financial Group initiated coverage on Mereo BioPharma Group in a report on Friday, December 6th. They issued a “buy” rating and a $7.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $7.00 price target on shares of Mereo BioPharma Group in a report on Monday. Four research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, Mereo BioPharma Group has a consensus rating of “Buy” and a consensus target price of $7.83.

Mereo BioPharma Group Price Performance

The stock has a fifty day simple moving average of $3.65 and a two-hundred day simple moving average of $4.00.

Institutional Trading of Mereo BioPharma Group

A number of institutional investors have recently modified their holdings of the business. Avanza Fonder AB purchased a new position in Mereo BioPharma Group in the fourth quarter worth $69,000. Frazier Life Sciences Management L.P. grew its stake in shares of Mereo BioPharma Group by 15.8% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 5,097,779 shares of the company’s stock worth $20,952,000 after purchasing an additional 696,408 shares during the period. State Street Corp purchased a new position in shares of Mereo BioPharma Group in the 3rd quarter valued at about $195,000. Polar Asset Management Partners Inc. lifted its stake in shares of Mereo BioPharma Group by 36.0% in the third quarter. Polar Asset Management Partners Inc. now owns 198,300 shares of the company’s stock valued at $815,000 after purchasing an additional 52,500 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in Mereo BioPharma Group by 56.7% during the third quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company’s stock worth $50,865,000 after buying an additional 4,464,984 shares in the last quarter. 62.83% of the stock is currently owned by hedge funds and other 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.