Mereo BioPharma Group (NASDAQ:MREO) Earns Overweight Rating from Cantor Fitzgerald

Mereo BioPharma Group (NASDAQ:MREO)‘s stock had its “overweight” rating reiterated by equities researchers at Cantor Fitzgerald in a research note issued to investors on Thursday, Benzinga reports. They currently have a $7.00 price target on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 105.28% from the stock’s previous close.

Separately, Needham & Company LLC lifted their target price on Mereo BioPharma Group from $5.00 to $6.00 and gave the stock a “buy” rating in a report on Thursday.

Mereo BioPharma Group Trading Up 13.7 %

NASDAQ:MREO traded up $0.41 during mid-day trading on Thursday, hitting $3.41. The company had a trading volume of 963,946 shares, compared to its average volume of 1,776,956. Mereo BioPharma Group has a fifty-two week low of $0.69 and a fifty-two week high of $4.36. The business’s fifty day moving average is $3.55 and its two-hundred day moving average is $2.50.

Institutional Trading of Mereo BioPharma Group

Several large investors have recently modified their holdings of MREO. Mangrove Partners acquired a new position in Mereo BioPharma Group during the second quarter valued at approximately $7,302,000. 683 Capital Management LLC boosted its stake in shares of Mereo BioPharma Group by 170.0% in the 2nd quarter. 683 Capital Management LLC now owns 5,400,000 shares of the company’s stock valued at $7,128,000 after purchasing an additional 3,400,000 shares in the last quarter. Tejara Capital Ltd bought a new stake in shares of Mereo BioPharma Group during the fourth quarter worth $1,641,000. Rubric Capital Management LP increased its holdings in shares of Mereo BioPharma Group by 16.7% during the fourth quarter. Rubric Capital Management LP now owns 13,552,997 shares of the company’s stock worth $31,307,000 after buying an additional 1,936,877 shares in the last quarter. Finally, abrdn plc acquired a new position in shares of Mereo BioPharma Group during the fourth quarter worth $3,583,000. 62.83% of the stock is owned by institutional investors and hedge funds.

About Mereo BioPharma Group

Mereo BioPharma Group plc, a biopharmaceutical company, develops and commercializes therapeutics for the treatment of oncology and rare diseases in the United Kingdom and internationally. Its lead product candidate, etigilimab (OMP-313M32), an antibody T-cell immunoreceptor with Ig and ITIM domains, which is in Phase 1b clinical trial for the treatment of tumors.