Mereo BioPharma Group (NASDAQ:MREO) Issues Earnings Results

Key Points

• Mereo BioPharma Group reported a quarterly loss of ($0.02) EPS, missing the consensus estimate of ($0.01) by ($0.01) and generating $0.50 million in revenue against an expected $7.80 million.
• The company's stock increased by 8.2%, closing at $1.65, with a significant trading volume of over 4.4 million shares on the reporting day.
• Analysts maintain a Moderate Buy rating on the stock, with a price target average of $7.20, despite some downgrades from firms like Wall Street Zen.

Mereo BioPharma Group (NASDAQ:MREO - Get Free Report) issued its quarterly earnings data on Tuesday. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01), Zacks reports. The business had revenue of $0.50 million for the quarter, compared to analyst estimates of $7.80 million.

Mereo BioPharma Group Stock Performance

Shares of NASDAQ:MREO traded up $0.03 on Friday, hitting $1.74. The stock had a trading volume of 940,964 shares, compared to its average volume of 1,702,518. Mereo BioPharma Group has a twelve month low of $1.47 and a twelve month high of $5.02. The firm's 50 day moving average price is $2.20 and its 200-day moving average price is $2.37. The company has a market capitalization of $276.66 million, a price-to-earnings ratio of -24.86 and a beta of 0.47.

Wall Street Analysts Forecast Growth

MREO has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Mereo BioPharma Group from a "sell" rating to a "hold" rating in a report on Saturday. Needham & Company LLC set a $5.00 price objective on shares of Mereo BioPharma Group and gave the company a "buy" rating in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Mereo BioPharma Group presently has a consensus rating of "Buy" and an average price target of $7.20.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MREO. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Mereo BioPharma Group by 62.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,569,100 shares of the company's stock valued at $3,530,000 after purchasing an additional 604,200 shares during the period. Woodline Partners LP raised its stake in Mereo BioPharma Group by 53.2% in the 1st quarter. Woodline Partners LP now owns 947,986 shares of the company's stock valued at $2,133,000 after acquiring an additional 329,202 shares during the period. Paloma Partners Management Co acquired a new position in Mereo BioPharma Group in the 2nd quarter valued at $804,000. XTX Topco Ltd acquired a new position in Mereo BioPharma Group in the 2nd quarter valued at $188,000. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Mereo BioPharma Group by 0.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,125,920 shares of the company's stock worth $4,783,000 after purchasing an additional 6,068 shares in the last quarter. 62.83% of the stock is owned by institutional investors.

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.