The stock of Mereo BioPharma Group plc (NASDAQ:MREO) is now priced at $3.09 and the shares are 0.1 points up or 3.34% higher compared to its previous closing price of $2.99. The stock had 106181 contracts set over the past session. MREO shares’ daily volume is compared to its average trading volume at 323647 shares. However, it has a float of 24.76 million and although its performance was 5.1% over the week, it’s one to watch. MREO share price recently placing at $2.9601 to $3.1. However, some brokerage firms have priced the stock below the average, including one that has called $8.
The shorts are climbing into the Mereo BioPharma Group plc stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the MREO shares have risen. Short interest in the stock represents just 1.75% of its float, but the volume has raised by 211347. The volume of shorted shares rised to 434449 from 223102 shares over the last two weeks. The average intraday trading volume has been 434167 shares, which means that days to cover moved to roughly 1.00065.
In the last trading session, Mereo BioPharma Group plc (NASDAQ:MREO) raised by $0.15 over the week and gained $0.32 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $4.27. The stock recorded its established 52-week high on 08/21/19.
Since 03/18/20, the stock has traded to a low of $0.69 at 347.83%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Mereo BioPharma Group plc’s two-week RSI is 61.28. This suggests that the stock is neutral at the moment and that MREO shares’ price movement remains stable. The stochastic readings are equally revealing at 30.71% meaning the MREO share price is currently in neutral territory.
The technical chart shows that the MREO stock will likely settle at between $3.14 and $3.19 per share. However, if the stock dips below $3, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.91.
Currently, the stock is trading in the green of MACD, with a reading of 0.03. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
The average rating for the MREO equity is 1 and is currently gathering a bullish momentum. Of 1 analysts tracking Mereo BioPharma Group plc polled by Reuters, 0 rated MREO as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.