Mereo BioPharma Group plc – Sponsored ADR (NASDAQ:MREO) Sees Significant Decrease in Short Interest

Mereo BioPharma Group plc – Sponsored ADR (NASDAQ:MREO) was the target of a significant drop in short interest in June. As of June 15th, there was short interest totaling 5,347,606 shares, a drop of 34.5% from the May 31st total of 8,160,044 shares. Approximately 3.6% of the company’s stock are sold short. Based on an average trading volume of 3,448,314 shares, the days-to-cover ratio is currently 1.6 days.

Mereo BioPharma Group Trading Up 1.7%

Shares of NASDAQ MREO opened at $0.32 on Thursday. The company has a 50 day simple moving average of $0.29 and a two-hundred day simple moving average of $0.51. The stock has a market cap of $51.56 million, a price-to-earnings ratio of -6.46 and a beta of 0.35. Mereo BioPharma Group has a 12 month low of $0.20 and a 12 month high of $3.05.

Mereo BioPharma Group (NASDAQ:MREO) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). Analysts forecast that Mereo BioPharma Group will post -0.02 EPS for the current year.

Analyst Upgrades and Downgrades

MREO has been the topic of several recent analyst reports. Lifesci Capital upgraded shares of Mereo BioPharma Group to a “hold” rating in a report on Thursday, March 19th. BTIG Research reiterated a “buy” rating and issued a $1.00 target price on shares of Mereo BioPharma Group in a research note on Tuesday, May 12th. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Mereo BioPharma Group in a research report on Monday, March 23rd. Finally, Zacks Research upgraded shares of Mereo BioPharma Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, June 10th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $3.25.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of institutional investors have recently modified their holdings of the stock. Marex Group plc purchased a new stake in shares of Mereo BioPharma Group in the second quarter worth about $27,000. Virtu Financial LLC purchased a new position in Mereo BioPharma Group during the third quarter valued at approximately $33,000. Squarepoint Ops LLC lifted its holdings in Mereo BioPharma Group by 45.4% in the third quarter. Squarepoint Ops LLC now owns 30,055 shares of the company’s stock valued at $62,000 after acquiring an additional 9,387 shares during the period. Forefront Analytics LLC lifted its holdings in Mereo BioPharma Group by 73.4% in the third quarter. Forefront Analytics LLC now owns 33,180 shares of the company’s stock valued at $68,000 after acquiring an additional 14,042 shares during the period. Finally, Aquatic Capital Management LLC boosted its position in Mereo BioPharma Group by 99.5% in the 3rd quarter. Aquatic Capital Management LLC now owns 53,712 shares of the company’s stock worth $111,000 after purchasing an additional 26,782 shares in the last quarter. Hedge funds and other institutional investors own 62.83% of the company’s stock.

Mereo BioPharma Group Company Profile

Mereo BioPharma Group plc is a clinical‐stage biopharmaceutical company focused on developing novel therapies for rare diseases, oncology and severe respiratory conditions. The company pursues an asset‐centric model, in which it in-licenses or acquires clinical-stage small molecules and monoclonal antibodies with established safety profiles. By concentrating resources on a select number of programs, Mereo aims to accelerate proof-of-concept studies and maximize the potential value of each therapeutic candidate.

Mereo’s pipeline includes investigational therapies for skeletal disorders, such as setrusumab (BPS-804) for osteogenesis imperfecta, and treatments for acute and chronic respiratory diseases.