Needham & Company LLC Reaffirms "Buy" Rating for Mereo BioPharma Group (NASDAQ:MREO)

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

MREO has been the subject of a number of other reports. JPMorgan Chase & Co. initiated coverage on shares of Mereo BioPharma Group in a research report on Thursday, March 27th. They set an "overweight" rating and a $7.00 price target for the company. Cantor Fitzgerald reiterated an "overweight" rating and set a $7.00 price target 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 issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $7.71.

Mereo BioPharma Group Trading Up 2.8%

MREO stock traded up $0.06 during trading on Tuesday, reaching $2.24. 915,245 shares of the stock were exchanged, compared to its average volume of 1,110,249. The business has a 50 day moving average price of $2.32 and a 200-day moving average price of $2.98. Mereo BioPharma Group has a 1 year low of $1.58 and a 1 year high of $5.02. The firm has a market capitalization of $356.16 million, a price-to-earnings ratio of -37.33 and a beta of 0.53.

Mereo BioPharma Group (NASDAQ:MREO - Get Free Report) last issued its earnings results on Tuesday, May 13th. The company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). On average, research analysts anticipate that Mereo BioPharma Group will post -0.03 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Newbridge Financial Services Group Inc. acquired a new position in shares of Mereo BioPharma Group in the fourth quarter valued at approximately $37,000. Jump Financial LLC acquired a new position in Mereo BioPharma Group during the 4th quarter worth approximately $39,000. GAMMA Investing LLC grew its holdings 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 acquiring an additional 9,854 shares in the last quarter. Sheets Smith Investment Management acquired a new position in Mereo BioPharma Group during the 4th quarter worth approximately $59,000. Finally, Virtus ETF Advisers LLC acquired a new position in Mereo BioPharma Group during the 4th quarter worth approximately $67,000. Institutional investors and hedge funds 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.