Mereo BioPharma Group's (MREO) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Mereo BioPharma Group (NASDAQ:MREO - Free Report) in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a $7.00 target price on the stock.

Other research analysts also recently issued reports about the company. 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 target price for the company. JPMorgan Chase & Co. assumed coverage on shares of Mereo BioPharma Group in a research note on Thursday, March 27th. They issued an "overweight" rating and a $7.00 price objective for the company. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research report on Tuesday, March 18th. Six research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Mereo BioPharma Group currently has an average rating of "Buy" and an average price target of $7.71.

Mereo BioPharma Group Stock Down 3.8 %

NASDAQ MREO traded down $0.08 on Wednesday, reaching $1.88. The company had a trading volume of 926,538 shares, compared to its average volume of 1,045,714. The stock has a market capitalization of $290.90 million, a PE ratio of -31.25 and a beta of 0.71. Mereo BioPharma Group has a 12 month low of $1.58 and a 12 month high of $5.02. The firm's 50 day moving average price is $2.49 and its 200 day moving average price is $3.30.

Mereo BioPharma Group (NASDAQ:MREO - Get Free Report) last issued 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). On average, research analysts expect that Mereo BioPharma Group will post -0.03 EPS for the current year.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of large investors have recently made changes to their positions in MREO. Newbridge Financial Services Group Inc. purchased a new stake in Mereo BioPharma Group in the 4th quarter worth about $37,000. Jump Financial LLC purchased a new position in Mereo BioPharma Group during the 4th quarter valued at $39,000. GAMMA Investing LLC increased its stake in Mereo BioPharma Group by 109.5% in the first quarter. GAMMA Investing LLC now owns 18,855 shares of the company's stock worth $42,000 after purchasing an additional 9,854 shares during the period. Sheets Smith Investment Management bought a new stake in shares of Mereo BioPharma Group during the fourth quarter worth $59,000. Finally, Virtus ETF Advisers LLC purchased a new stake in shares of Mereo BioPharma Group during the fourth quarter valued at $67,000. 62.83% of the stock is owned by hedge funds and other institutional investors.

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.