Mereo BioPharma Group plc (NASDAQ:MREO) Given Average Recommendation of “Buy” by Analysts

Mereo BioPharma Group plc (NASDAQ:MREO) has received an average recommendation of “Buy” from the seven brokerages that are presently covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a buy rating and three have issued a strong buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $7.83.

Several equities analysts have recently issued reports on MREO shares. Cantor Fitzgerald raised shares of Mereo BioPharma Group to a “strong-buy” rating in a report on Sunday, December 8th. Lifesci Capital began coverage on shares of Mereo BioPharma Group in a research report on Tuesday, December 24th. They issued an “outperform” rating and a $10.00 target price for the company. Jefferies Financial Group assumed coverage on shares of Mereo BioPharma Group in a research report on Friday, December 6th. They set a “buy” rating and a $7.00 price target on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a report on Tuesday, November 12th.

Mereo BioPharma Group Stock Performance

Shares of MREO stock opened at $3.76 on Tuesday. The business has a 50 day moving average of $3.73 and a two-hundred day moving average of $4.00. Mereo BioPharma Group has a 52 week low of $3.11 and a 52 week high of $5.02.

Hedge Funds Weigh In On Mereo BioPharma Group

Hedge funds have recently made changes to their positions in the business. Rhumbline Advisers grew its position in Mereo BioPharma Group by 70.9% in the second quarter. Rhumbline Advisers now owns 6,958 shares of the company’s stock worth $25,000 after buying an additional 2,887 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Mereo BioPharma Group by 58.1% in the 3rd quarter. GAMMA Investing LLC now owns 10,693 shares of the company’s stock worth $44,000 after acquiring an additional 3,928 shares during the last quarter. State Street Corp acquired a new stake in shares of Mereo BioPharma Group during the third quarter worth $195,000. Polar Asset Management Partners Inc. lifted its holdings in shares of Mereo BioPharma Group by 36.0% during the third quarter. Polar Asset Management Partners Inc. now owns 198,300 shares of the company’s stock valued at $815,000 after purchasing an additional 52,500 shares during the last quarter. Finally, Fred Alger Management LLC boosted its position in shares of Mereo BioPharma Group by 108.1% in the 3rd 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.

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, 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.