Mereo BioPharma Group (NASDAQ:MREO) Shares Gap Up – Time to Buy?

Mereo BioPharma Group plc (NASDAQ:MREO) 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.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MREO. Jefferies Financial Group initiated coverage on Mereo BioPharma Group in a research report on Friday, December 6th. They issued a “buy” rating and a $7.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and issued a $7.00 target price on shares of Mereo BioPharma Group in a report on Tuesday, November 12th. Cantor Fitzgerald raised shares of Mereo BioPharma Group to a “strong-buy” rating in a research report on Sunday, December 8th. Finally, Lifesci Capital began coverage on shares of Mereo BioPharma Group in a research note on Tuesday. They set an “outperform” rating and a $10.00 target price for the company. Five investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Mereo BioPharma Group has a consensus rating of “Buy” and a consensus price target of $7.83.

Mereo BioPharma Group Price Performance

The business has a 50 day moving average price of $3.88 and a 200 day moving average price of $4.01.

Institutional Investors Weigh In On Mereo BioPharma Group

Several hedge funds and other institutional investors have recently modified their holdings of MREO. Rhumbline Advisers increased its holdings in shares of Mereo BioPharma Group by 70.9% during the 2nd quarter. Rhumbline Advisers now owns 6,958 shares of the company’s stock worth $25,000 after purchasing an additional 2,887 shares during the period. GAMMA Investing LLC increased its stake in Mereo BioPharma Group by 58.1% during the third 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 Mereo BioPharma Group in the 3rd quarter valued at approximately $195,000. Polar Asset Management Partners Inc. grew its holdings in shares of Mereo BioPharma Group by 36.0% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 198,300 shares of the company’s stock worth $815,000 after purchasing an additional 52,500 shares in the last quarter. Finally, Fred Alger Management LLC increased its position in shares of Mereo BioPharma Group by 108.1% during the third 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 period. 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.