Mereo BioPharma Group (NASDAQ:MREO) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Mereo BioPharma Group (NASDAQ:MREO) in a research note published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $7.00 price objective on the stock.

Several other research firms also recently weighed in on MREO. Jefferies Financial Group started coverage on Mereo BioPharma Group in a research note on Friday, December 6th. They set a “buy” rating and a $7.00 price target for the company. Lifesci Capital started coverage on shares of Mereo BioPharma Group in a research note on Tuesday, December 24th. They set an “outperform” rating and a $10.00 price target on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Tuesday, March 18th. Six research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $7.71.

Mereo BioPharma Group Price Performance

Mereo BioPharma Group stock opened at $2.30 on Wednesday. The company’s 50 day moving average price is $2.72 and its two-hundred day moving average price is $3.49. Mereo BioPharma Group has a 52 week low of $2.22 and a 52 week high of $5.02.

Mereo BioPharma Group (NASDAQ:MREO) last issued its quarterly earnings results on Wednesday, March 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.03). On average, analysts forecast that Mereo BioPharma Group will post -0.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of institutional investors have recently added to or reduced their stakes in MREO. Janus Henderson Group PLC boosted its holdings in shares of Mereo BioPharma Group by 38.7% in the 4th quarter. Janus Henderson Group PLC now owns 17,122,563 shares of the company’s stock worth $59,843,000 after purchasing an additional 4,776,697 shares in the last quarter. Rock Springs Capital Management LP lifted its stake in Mereo BioPharma Group by 0.7% in the fourth quarter. Rock Springs Capital Management LP now owns 9,599,170 shares of the company’s stock worth $33,597,000 after purchasing an additional 65,000 shares during the last quarter. Frazier Life Sciences Management L.P. increased its holdings in shares of Mereo BioPharma Group by 15.8% in the third quarter. Frazier Life Sciences Management L.P. now owns 5,097,779 shares of the company’s stock worth $20,952,000 after buying an additional 696,408 shares during the period. Acuta Capital Partners LLC lifted its stake in shares of Mereo BioPharma Group by 86.2% in the 3rd quarter. Acuta Capital Partners LLC now owns 1,260,700 shares of the company’s stock valued at $5,181,000 after acquiring an additional 583,700 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Mereo BioPharma Group during the 4th quarter valued at about $3,377,000. 62.83% of the stock is currently owned by institutional investors.

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.