Mereo BioPharma Group (NASDAQ:MREO) Posts Earnings Results, Hits Estimates

Mereo BioPharma Group (NASDAQ:MREO) announced its quarterly earnings results on Tuesday. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01), Zacks reports.

Mereo BioPharma Group Price Performance

MREO stock traded down $0.02 during midday trading on Wednesday, hitting $0.29. The stock had a trading volume of 3,799,627 shares, compared to its average volume of 6,232,820. The company’s 50-day moving average price is $0.31 and its 200 day moving average price is $0.34. The firm has a market cap of $46.13 million, a PE ratio of -5.78 and a beta of 0.36. Mereo BioPharma Group has a 12-month low of $0.20 and a 12-month high of $2.37.

Analysts Set New Price Targets

MREO has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating on shares of Mereo BioPharma Group in a research report on Tuesday. Zacks Research upgraded Mereo BioPharma Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 10th. BTIG Research reaffirmed a “buy” rating and set a $1.00 price objective on shares of Mereo BioPharma Group in a research note on Tuesday. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Mereo BioPharma Group in a research note on Thursday, July 2nd. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $3.25.

Institutional Investors Weigh In On Mereo BioPharma Group

Hedge funds have recently made changes to their positions in the business. Marex Group plc acquired a new position in Mereo BioPharma Group in the second quarter valued at $27,000. Virtu Financial LLC purchased a new position in Mereo BioPharma Group during the third quarter worth about $33,000. Squarepoint Ops LLC boosted its stake in 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 buying an additional 9,387 shares during the last quarter. Aquatic Capital Management LLC boosted its stake in Mereo BioPharma Group by 99.5% in the 3rd quarter. Aquatic Capital Management LLC now owns 53,712 shares of the company’s stock worth $111,000 after buying an additional 26,782 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in Mereo BioPharma Group in the 2nd quarter valued at about $188,000. Institutional investors and hedge funds own 62.83% of the company’s stock.

About Mereo BioPharma Group

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.