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

Mereo BioPharma Group (NASDAQ:MREO)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $7.00 target price on the stock. Needham & Company LLC’s target price indicates a potential upside of 186.30% from the company’s previous close.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. began coverage on Mereo BioPharma Group in a report on Thursday, March 27th. They set an “overweight” rating and a $7.00 target price on the stock. 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 equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $7.71.

Mereo BioPharma Group Price Performance

MREO traded down $0.06 on Tuesday, reaching $2.45. 109,663 shares of the company traded hands, compared to its average volume of 1,097,665. Mereo BioPharma Group has a 52-week low of $1.58 and a 52-week high of $5.02. The stock’s 50 day moving average price is $2.34 and its 200-day moving average price is $3.01. The company has a market cap of $388.76 million, a price-to-earnings ratio of -40.75 and a beta of 0.53.

Mereo BioPharma Group (NASDAQ:MREO) last issued its earnings results on Tuesday, May 13th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). As a group, equities research analysts forecast that Mereo BioPharma Group will post -0.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of hedge funds have recently modified their holdings of the company. Janus Henderson Group PLC boosted its holdings in shares of Mereo BioPharma Group by 38.7% during the 4th quarter. Janus Henderson Group PLC now owns 17,122,563 shares of the company’s stock valued at $59,843,000 after buying an additional 4,776,697 shares in the last quarter. Rock Springs Capital Management LP raised its stake in shares of 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 buying an additional 65,000 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Mereo BioPharma Group during the 4th quarter valued at approximately $3,377,000. Tema Etfs LLC bought a new position in shares of Mereo BioPharma Group in the fourth quarter worth approximately $3,117,000. Finally, Woodline Partners LP purchased a new stake in shares of Mereo BioPharma Group in the fourth quarter worth $2,166,000. Hedge funds and other 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.