Needham & Company LLC Reaffirms Buy Rating for Mereo BioPharma Group (NASDAQ:MREO)

Mereo BioPharma Group (NASDAQ:MREO)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They currently have a $7.00 price objective on the stock. Needham & Company LLC’s price target points to a potential upside of 209.05% from the stock’s current price.

MREO has been the topic of a number of other reports. Lifesci Capital began coverage on shares of Mereo BioPharma Group in a research report on Tuesday, December 24th. They set an “outperform” rating and a $10.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $7.00 price target on shares of Mereo BioPharma Group in a research note on Tuesday, March 18th. Finally, Jefferies Financial Group started coverage on shares of Mereo BioPharma Group in a research note on Friday, December 6th. They issued a “buy” rating and a $7.00 price objective on the stock. Five investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Mereo BioPharma Group has an average rating of “Buy” and a consensus price target of $7.83.

Mereo BioPharma Group Stock Performance

NASDAQ MREO traded down $0.09 during trading hours on Wednesday, hitting $2.27. The company had a trading volume of 299,506 shares, compared to its average volume of 996,694. Mereo BioPharma Group has a 1-year low of $2.25 and a 1-year high of $5.02. The business has a 50 day moving average of $2.76 and a 200-day moving average of $3.52.

Mereo BioPharma Group (NASDAQ:MREO) last announced its earnings results on Wednesday, March 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). As a group, analysts expect that Mereo BioPharma Group will post -0.03 earnings per share for the current year.

Hedge Funds Weigh In On Mereo BioPharma Group

Several institutional investors have recently bought and sold shares of the company. State Street Corp acquired a new stake in shares of Mereo BioPharma Group in the 3rd quarter worth $195,000. Acuta Capital Partners LLC raised its holdings in Mereo BioPharma Group by 86.2% during the third quarter. Acuta Capital Partners LLC now owns 1,260,700 shares of the company’s stock worth $5,181,000 after purchasing an additional 583,700 shares in the last quarter. Janus Henderson Group PLC lifted its position in Mereo BioPharma Group by 56.7% in the third quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company’s stock valued at $50,865,000 after purchasing an additional 4,464,984 shares during the period. Frazier Life Sciences Management L.P. boosted its holdings in Mereo BioPharma Group by 15.8% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 5,097,779 shares of the company’s stock valued at $20,952,000 after purchasing an additional 696,408 shares in the last quarter. Finally, PFG Investments LLC increased its position in Mereo BioPharma Group by 132.0% during the 4th quarter. PFG Investments LLC now owns 39,433 shares of the company’s stock worth $138,000 after purchasing an additional 22,433 shares during the period. 62.83% of the stock is owned by institutional investors and hedge funds.

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.