Mereo BioPharma Group (NASDAQ:MREO) Sees Strong Trading Volume – What’s Next?

Shares of Mereo BioPharma Group plc (NASDAQ:MREO) saw unusually-high trading volume on Wednesday . Approximately 692,097 shares changed hands during trading, a decline of 15% from the previous session’s volume of 809,937 shares.The stock last traded at $3.62 and had previously closed at $3.40.

Analyst Ratings Changes

MREO has been the topic of several research reports. Cantor Fitzgerald upgraded Mereo BioPharma Group to a “strong-buy” rating in a research note on Sunday, December 8th. Needham & Company LLC reissued a “buy” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research report on Tuesday, November 12th. Finally, Jefferies Financial Group assumed coverage on shares of Mereo BioPharma Group in a research report on Friday, December 6th. They issued a “buy” rating and a $7.00 price target for the company. Four analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $7.40.

Mereo BioPharma Group Trading Down 0.6 %

The business has a 50-day moving average price of $3.92 and a 200-day moving average price of $4.01.

Hedge Funds Weigh In On Mereo BioPharma Group

Several hedge funds have recently modified their holdings of MREO. Frazier Life Sciences Management L.P. raised its position in 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 buying an additional 696,408 shares during the last quarter. State Street Corp acquired a new position in shares of Mereo BioPharma Group in the third quarter worth about $195,000. Polar Asset Management Partners Inc. increased its stake in shares of Mereo BioPharma Group by 36.0% in the 3rd 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 in the last quarter. Janus Henderson Group PLC boosted its position 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 purchasing an additional 4,464,984 shares in the last quarter. Finally, Fred Alger Management LLC increased its position in shares of Mereo BioPharma Group by 108.1% in the third quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock valued at $422,000 after buying an additional 53,278 shares in the last quarter. Institutional investors and hedge funds own 62.83% of the company’s stock.

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.