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

Mereo BioPharma Group (NASDAQ:MREO)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They presently have a $7.00 price target on the stock. Needham & Company LLC’s price target would indicate a potential upside of 282.51% from the stock’s previous close.

MREO has been the topic of a number of other reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Tuesday, March 18th. JPMorgan Chase & Co. assumed coverage on shares of Mereo BioPharma Group in a research report on Thursday, March 27th. They issued an “overweight” rating and a $7.00 price target on the stock. Finally, Lifesci Capital began coverage on Mereo BioPharma Group in a research report on Tuesday, December 24th. They set an “outperform” rating and a $10.00 price objective for the company. Six research 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 currently has a consensus rating of “Buy” and a consensus target price of $7.71.

Mereo BioPharma Group Price Performance

Shares of NASDAQ MREO opened at $1.83 on Wednesday. The company has a market cap of $283.92 million, a PE ratio of -30.50 and a beta of 0.71. The stock has a fifty day moving average price of $2.51 and a 200 day moving average price of $3.32. Mereo BioPharma Group has a 1-year low of $1.58 and a 1-year high of $5.02.

Mereo BioPharma Group (NASDAQ:MREO) last released its 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). Analysts anticipate that Mereo BioPharma Group will post -0.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Mereo BioPharma Group

Several institutional investors have recently modified their holdings of the company. State Street Corp bought a new stake in shares of Mereo BioPharma Group during the third quarter valued at about $195,000. Sheets Smith Investment Management bought a new stake in shares of Mereo BioPharma Group during the 4th quarter worth about $59,000. PFG Investments LLC raised its position in shares of 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 buying an additional 22,433 shares in the last quarter. HealthInvest Partners AB lifted its stake in shares of Mereo BioPharma Group by 95.0% in the 4th quarter. HealthInvest Partners AB now owns 390,000 shares of the company’s stock worth $1,373,000 after acquiring an additional 190,000 shares during the period. Finally, Avanza Fonder AB bought a new position in shares of Mereo BioPharma Group in the fourth quarter valued at approximately $69,000. Institutional investors 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.