Mereo BioPharma Group plc (NASDAQ:MREO) Short Interest Up 23.2% in November

Mereo BioPharma Group plc (NASDAQ:MREO) was the target of a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 5,630,000 shares, a growth of 23.2% from the October 31st total of 4,570,000 shares. Based on an average daily trading volume, of 751,400 shares, the short-interest ratio is presently 7.5 days.

Mereo BioPharma Group Price Performance

Shares of MREO opened at $3.61 on Monday. The company’s 50-day simple moving average is $4.08 and its 200-day simple moving average is $3.98. Mereo BioPharma Group has a 1 year low of $3.17 and a 1 year high of $5.02.

Insider Transactions at Mereo BioPharma Group

In related news, General Counsel Charles Sermon sold 9,980 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $4.47, for a total value of $44,610.60. Following the completion of the transaction, the general counsel now directly owns 240,007 shares in the company, valued at approximately $1,072,831.29. This represents a 3.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Denise Scots-Knight sold 28,611 shares of Mereo BioPharma Group 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 completion of the sale, the chief executive officer now owns 868,967 shares in the company, valued at $3,884,282.49. This represents a 3.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 52,931 shares of company stock worth $236,602 in the last 90 days. Insiders own 4.13% of the company’s stock.

Institutional Investors Weigh In On Mereo BioPharma Group

A number of hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers grew its stake in shares of Mereo BioPharma Group by 70.9% in the second quarter. Rhumbline Advisers now owns 6,958 shares of the company’s stock worth $25,000 after acquiring an additional 2,887 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Mereo BioPharma Group by 58.1% in the third quarter. GAMMA Investing LLC now owns 10,693 shares of the company’s stock valued at $44,000 after purchasing an additional 3,928 shares during the period. State Street Corp acquired a new position in Mereo BioPharma Group during the 3rd quarter worth $195,000. GSA Capital Partners LLP acquired a new position in Mereo BioPharma Group during the 3rd quarter worth $276,000. Finally, Fred Alger Management LLC increased its holdings in Mereo BioPharma Group by 108.1% during the 3rd quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock worth $422,000 after purchasing an additional 53,278 shares during the period. 62.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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.