Mereo BioPharma Group (NASDAQ:MREO) Shares Gap Up – Here’s What Happened

Mereo BioPharma Group plc (NASDAQ:MREO) shares gapped up before the market opened on Tuesday . The stock had previously closed at $3.39, but opened at $3.50. Mereo BioPharma Group shares last traded at $3.60, with a volume of 413,720 shares traded.

Analysts Set New Price Targets

A number of research firms have commented on MREO. Jefferies Financial Group started coverage on shares of Mereo BioPharma Group in a report on Friday, December 6th. They issued a “buy” rating and a $7.00 price objective for the company. Lifesci Capital began coverage on Mereo BioPharma Group in a report on Tuesday. They issued an “outperform” rating and a $10.00 price target for the company. Needham & Company LLC reissued a “buy” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Tuesday, November 12th. Finally, Cantor Fitzgerald raised Mereo BioPharma Group to a “strong-buy” rating in a research note on Sunday, December 8th. Four analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $7.83.

Mereo BioPharma Group Price Performance

The business has a fifty day moving average of $3.85 and a 200 day moving average of $4.02.

Hedge Funds Weigh In On Mereo BioPharma Group

Several large investors have recently modified their holdings of MREO. Rhumbline Advisers raised its holdings in Mereo BioPharma Group by 70.9% in the 2nd quarter. Rhumbline Advisers now owns 6,958 shares of the company’s stock valued at $25,000 after buying an additional 2,887 shares during the period. GAMMA Investing LLC raised its stake in shares of Mereo BioPharma Group by 58.1% in the 3rd quarter. GAMMA Investing LLC now owns 10,693 shares of the company’s stock valued at $44,000 after acquiring an additional 3,928 shares during the period. State Street Corp acquired a new position in shares of Mereo BioPharma Group in the 3rd quarter worth approximately $195,000. GSA Capital Partners LLP purchased a new position in shares of Mereo BioPharma Group during the 3rd quarter worth approximately $276,000. Finally, Fred Alger Management LLC increased its holdings in Mereo BioPharma Group by 108.1% in the 3rd quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock valued at $422,000 after purchasing an additional 53,278 shares during 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.