Research Analysts Set Expectations for MREO FY2024 Earnings

Mereo BioPharma Group plc (NASDAQ:MREO) – Research analysts at Leerink Partnrs issued their FY2024 earnings per share (EPS) estimates for Mereo BioPharma Group in a report released on Monday, November 18th. Leerink Partnrs analyst J. Schwartz expects that the company will post earnings of $0.06 per share for the year. Leerink Partnrs also issued estimates for Mereo BioPharma Group’s Q4 2024 earnings at $0.10 EPS and FY2025 earnings at $0.01 EPS.

Several other research firms also recently weighed in on MREO. Needham & Company LLC restated a “buy” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a report on Tuesday, November 12th. Cantor Fitzgerald reissued an “overweight” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Tuesday, October 1st. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $7.50.

Mereo BioPharma Group Stock Performance

Shares of MREO stock opened at $3.58 on Thursday. Mereo BioPharma Group has a fifty-two week low of $3.17 and a fifty-two week high of $5.02. The business has a fifty day simple moving average of $4.18 and a 200-day simple moving average of $3.95.

Insider Activity at Mereo BioPharma Group

In other news, CEO Denise Scots-Knight sold 28,611 shares of Mereo BioPharma Group stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $4.47, for a total value of $127,891.17. Following the completion of the sale, the chief executive officer now owns 868,967 shares of the company’s stock, valued at $3,884,282.49. The trade was a 3.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Charles Sermon sold 9,980 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $4.47, for a total value of $44,610.60. Following the completion of the transaction, the general counsel now owns 240,007 shares of the company’s stock, valued at $1,072,831.29. The trade was a 3.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,931 shares of company stock valued at $236,602. 4.13% of the stock is owned by insiders.

Institutional Trading of Mereo BioPharma Group

A number of hedge funds have recently added to or reduced their stakes in MREO. Rubric Capital Management LP lifted its holdings in shares of Mereo BioPharma Group by 12.9% during the 2nd quarter. Rubric Capital Management LP now owns 15,307,347 shares of the company’s stock worth $55,106,000 after acquiring an additional 1,754,350 shares during the period. Janus Henderson Group PLC increased its position in Mereo BioPharma Group by 56.7% during the third quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company’s stock worth $50,865,000 after purchasing an additional 4,464,984 shares during the last quarter. Deerfield Management Company L.P. Series C purchased a new position in Mereo BioPharma Group during the second quarter worth approximately $24,158,000. Frazier Life Sciences Management L.P. boosted its holdings in shares of 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 during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Mereo BioPharma Group by 46.9% during the 2nd quarter. Millennium Management LLC now owns 3,201,705 shares of the company’s stock valued at $11,526,000 after buying an additional 1,022,570 shares during the period. 62.83% of the stock is owned by institutional investors and hedge funds.

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.