JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Mereo BioPharma Group (NASDAQ:MREO) Stock

Key Points

• JPMorgan Chase & Co. has increased its target price for Mereo BioPharma Group from $7.00 to $8.00, indicating a potential upside of 343.21% from the current price.
• The stock has been rated as "Buy" by multiple analysts, with an average rating of "Buy" and a consensus target price of $7.40.
• Mereo BioPharma reported a quarterly loss of ($0.02) EPS, missing the consensus estimate and generating significantly lower revenue than expected at $0.50 million.

Mereo BioPharma Group (NASDAQ:MREO - Get Free Report) had its price objective boosted by analysts at JPMorgan Chase & Co. from $7.00 to $8.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 367.84% from the company's previous close.

Several other equities research analysts have also weighed in on MREO. Wall Street Zen upgraded shares of Mereo BioPharma Group from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Needham & Company LLC set a $5.00 target price on Mereo BioPharma Group and gave the company a "buy" rating in a research report on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to MarketBeat.com, Mereo BioPharma Group currently has an average rating of "Buy" and a consensus price target of $7.40.

Mereo BioPharma Group Stock Down 2.3%

Shares of MREO stock traded down $0.04 on Monday, reaching $1.71. 695,500 shares of the stock were exchanged, compared to its average volume of 1,307,066. Mereo BioPharma Group has a 1-year low of $1.47 and a 1-year high of $4.84. The stock has a market cap of $271.89 million, a P/E ratio of -24.43 and a beta of 0.47. The firm has a 50 day moving average of $1.99 and a two-hundred day moving average of $2.28.

Mereo BioPharma Group (NASDAQ:MREO - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). The business had revenue of $0.50 million during the quarter, compared to analysts' expectations of $7.80 million. On average, equities research analysts predict that Mereo BioPharma Group will post -0.03 EPS for the current fiscal year.

Institutional Trading of Mereo BioPharma Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Janus Henderson Group PLC increased its position in Mereo BioPharma Group by 38.7% in the 4th quarter. Janus Henderson Group PLC now owns 17,122,563 shares of the company's stock worth $59,843,000 after buying an additional 4,776,697 shares during the period. Frazier Life Sciences Management L.P. lifted its holdings in Mereo BioPharma Group by 20.7% during the second quarter. Frazier Life Sciences Management L.P. now owns 9,440,112 shares of the company's stock worth $25,583,000 after acquiring an additional 1,620,249 shares in the last quarter. 683 Capital Management LLC raised its position in shares of Mereo BioPharma Group by 1.9% during the first quarter. 683 Capital Management LLC now owns 4,635,000 shares of the company's stock worth $10,429,000 after purchasing an additional 85,000 shares during the period. Aberdeen Group plc lifted its holdings in shares of Mereo BioPharma Group by 38.4% during the 2nd quarter. Aberdeen Group plc now owns 3,028,872 shares of the company's stock valued at $8,208,000 after purchasing an additional 840,518 shares in the last quarter. Finally, Tejara Capital Ltd grew its position in shares of Mereo BioPharma Group by 8.8% in the 1st quarter. Tejara Capital Ltd now owns 2,521,324 shares of the company's stock valued at $5,673,000 after purchasing an additional 204,239 shares during the period. 62.83% of the stock is currently owned by institutional investors and hedge funds.

Mereo BioPharma Group Company Profile

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.