Mereo BioPharma Group (NASDAQ:MREO) Posts Quarterly Earnings Results, Meets Expectations

Mereo BioPharma Group (NASDAQ:MREO) released its earnings results on Monday. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01), Zacks reports. The business had revenue of $0.80 million during the quarter, compared to analysts’ expectations of $0.01 million.

Mereo BioPharma Group Trading Down 2.4%

Shares of Mereo BioPharma Group stock traded down $0.01 during midday trading on Tuesday, reaching $0.29. The company had a trading volume of 260,112 shares, compared to its average volume of 4,811,539. The company has a market capitalization of $45.99 million, a price-to-earnings ratio of -7.20 and a beta of 0.29. The stock has a fifty day simple moving average of $0.31 and a 200 day simple moving average of $0.33. Mereo BioPharma Group has a 1-year low of $0.20 and a 1-year high of $2.37.

Wall Street Analyst Weigh In

MREO has been the topic of several research reports. JPMorgan Chase & Co. lowered Mereo BioPharma Group from a “neutral” rating to an “underweight” rating in a research report on Wednesday, August 19th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Mereo BioPharma Group in a report on Tuesday, September 29th. Needham & Company LLC reiterated a “buy” rating on shares of Mereo BioPharma Group in a research note on Tuesday, August 11th. Finally, BTIG Research reissued a “buy” rating and issued a $1.00 target price on shares of Mereo BioPharma Group in a research report on Tuesday. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $1.67.

About Mereo BioPharma Group

Mereo BioPharma Group plc is a clinical-stage biopharmaceutical company focused on developing therapies for rare diseases and oncology. The company’s research programs are intended to address conditions with significant unmet medical needs, using biologic and small-molecule drug candidates.

Mereo’s lead program is setrusumab, an investigational monoclonal antibody designed to inhibit sclerostin and stimulate bone formation. The therapy is being developed for osteogenesis imperfecta, a rare genetic disorder characterized by fragile bones, through a collaboration with Ultragenyx Pharmaceutical.