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

Mereo BioPharma Group (NASDAQ:MREO)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a note issued to investors on Monday,Benzinga reports. They presently have a $5.00 price target on the stock. Needham & Company LLC’s target price indicates a potential upside of 150.00% from the company’s current price.

A number of other analysts have also weighed in on MREO. BTIG Research reissued a “buy” rating and issued a $6.00 price target on shares of Mereo BioPharma Group in a report on Thursday. JPMorgan Chase & Co. boosted their target price on Mereo BioPharma Group from $7.00 to $8.00 and gave the stock an “overweight” rating in a research report on Monday, August 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mereo BioPharma Group in a report on Wednesday, October 8th. Finally, Zacks Research upgraded Mereo BioPharma Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.20.

Mereo BioPharma Group Stock Performance

Shares of MREO stock opened at $2.00 on Monday. Mereo BioPharma Group has a 52 week low of $1.47 and a 52 week high of $3.88. The stock has a market capitalization of $318.26 million, a PE ratio of -33.33 and a beta of 0.44. The stock’s fifty day moving average is $1.95 and its 200-day moving average is $2.01.

Mereo BioPharma Group (NASDAQ:MREO) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.01) earnings per share (EPS) for the quarter. As a group, analysts forecast that Mereo BioPharma Group will post -0.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its holdings in Mereo BioPharma Group by 0.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,125,920 shares of the company’s stock valued at $4,783,000 after acquiring an additional 6,068 shares during the last quarter. Significant Wealth Partners LLC lifted its position in shares of Mereo BioPharma Group by 61.7% in the 2nd quarter. Significant Wealth Partners LLC now owns 22,261 shares of the company’s stock worth $60,000 after purchasing an additional 8,490 shares during the period. Squarepoint Ops LLC lifted its position in shares of Mereo BioPharma Group by 45.4% in the 3rd quarter. Squarepoint Ops LLC now owns 30,055 shares of the company’s stock worth $62,000 after purchasing an additional 9,387 shares during the period. Marex Group plc bought a new stake in shares of Mereo BioPharma Group in the 2nd quarter valued at $27,000. Finally, Avanza Fonder AB increased its position in shares of Mereo BioPharma Group by 36.0% during the second quarter. Avanza Fonder AB now owns 38,235 shares of the company’s stock worth $104,000 after buying an additional 10,114 shares during the period. 62.83% of the stock is currently owned by institutional investors.

Mereo BioPharma Group Company Profile

Mereo BioPharma Group plc is a clinical‐stage biopharmaceutical company focused on developing novel therapies for rare diseases, oncology and severe respiratory conditions. The company pursues an asset‐centric model, in which it in-licenses or acquires clinical-stage small molecules and monoclonal antibodies with established safety profiles. By concentrating resources on a select number of programs, Mereo aims to accelerate proof-of-concept studies and maximize the potential value of each therapeutic candidate.

Mereo’s pipeline includes investigational therapies for skeletal disorders, such as setrusumab (BPS-804) for osteogenesis imperfecta, and treatments for acute and chronic respiratory diseases.