Mereo BioPharma Group (NASDAQ:MREO) Receives Buy Rating from Needham & Company LLC

Mereo BioPharma Group (NASDAQ:MREO - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They presently have a $7.00 price objective on the stock. Needham & Company LLC's target price would suggest a potential upside of 212.50% from the company's current price.

Several other equities research analysts also recently commented on the stock. JPMorgan Chase & Co. assumed coverage on shares of Mereo BioPharma Group in a research report on Thursday, March 27th. They set an "overweight" rating and a $7.00 target price on the stock. Cantor Fitzgerald reiterated 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 equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $7.71.

Mereo BioPharma Group Trading Up 2.8%

NASDAQ:MREO traded up $0.06 during mid-day trading on Tuesday, hitting $2.24. 915,245 shares of the company's stock were exchanged, compared to its average volume of 1,112,944. The company has a 50 day simple moving average of $2.32 and a 200-day simple moving average of $2.97. Mereo BioPharma Group has a fifty-two week low of $1.58 and a fifty-two week high of $5.02. The firm has a market capitalization of $356.16 million, a P/E ratio of -37.33 and a beta of 0.53.

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

Institutional Trading of Mereo BioPharma Group

Several hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC increased its stake in shares of 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 valued at $59,843,000 after acquiring an additional 4,776,697 shares in the last quarter. Rock Springs Capital Management LP increased its stake in Mereo BioPharma Group by 0.7% during the 4th quarter. Rock Springs Capital Management LP now owns 9,599,170 shares of the company's stock valued at $33,597,000 after purchasing an additional 65,000 shares in the last quarter. Frazier Life Sciences Management L.P. increased its stake in Mereo BioPharma Group by 53.4% during the 1st quarter. Frazier Life Sciences Management L.P. now owns 7,819,863 shares of the company's stock valued at $17,595,000 after purchasing an additional 2,722,084 shares in the last quarter. 683 Capital Management LLC increased its stake in Mereo BioPharma Group by 1.9% during the 1st quarter. 683 Capital Management LLC now owns 4,635,000 shares of the company's stock valued at $10,429,000 after purchasing an additional 85,000 shares in the last quarter. Finally, Tejara Capital Ltd increased its stake in Mereo BioPharma Group by 8.8% during 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 in the last quarter. Institutional investors own 62.83% of the company's stock.

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.