Mereo BioPharma Group (NASDAQ:MREO) PT Set at $5.00 by Needham & Company LLC

Mereo BioPharma Group (NASDAQ:MREO - Get Free Report) received a $5.00 price target from equities researchers at Needham & Company LLC in a research note issued to investors on Thursday, Marketbeat.com reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's price target would suggest a potential upside of 210.56% from the company's previous close.

Several other research firms also recently weighed in on MREO. JPMorgan Chase & Co. began coverage on shares of Mereo BioPharma Group in a report on Thursday, March 27th. They set an "overweight" rating and a $7.00 target price for the company. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $7.00 target price on shares of Mereo BioPharma Group in a research note on Tuesday, March 18th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $7.20.

Mereo BioPharma Group Stock Down 4.7%

NASDAQ MREO traded down $0.08 during mid-day trading on Thursday, hitting $1.61. The stock had a trading volume of 9,420,854 shares, compared to its average volume of 1,297,126. The company has a 50 day simple moving average of $2.53 and a 200 day simple moving average of $2.64. The company has a market cap of $255.99 million, a price-to-earnings ratio of -23.00 and a beta of 0.46. Mereo BioPharma Group has a 52-week low of $1.58 and a 52-week high of $5.02.

Mereo BioPharma Group (NASDAQ:MREO - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). As a group, equities analysts anticipate that Mereo BioPharma Group will post -0.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jump Financial LLC purchased a new position in shares of Mereo BioPharma Group in the 4th quarter worth about $39,000. GAMMA Investing LLC increased its position in Mereo BioPharma Group by 109.5% during the 1st quarter. GAMMA Investing LLC now owns 18,855 shares of the company's stock worth $42,000 after purchasing an additional 9,854 shares in the last quarter. Sheets Smith Investment Management purchased a new position in Mereo BioPharma Group in the fourth quarter valued at approximately $59,000. Virtus ETF Advisers LLC acquired a new position in Mereo BioPharma Group during the fourth quarter valued at approximately $67,000. Finally, Avanza Fonder AB lifted its position in Mereo BioPharma Group by 43.5% during the first quarter. Avanza Fonder AB now owns 28,121 shares of the company's stock valued at $67,000 after buying an additional 8,521 shares in the last quarter. Institutional investors and hedge funds own 62.83% of the company's stock.

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.