Analysts Set Mereo BioPharma Group plc - Sponsored ADR (NASDAQ:MREO) Price Target at $7.20

Key Points

• Mereo BioPharma Group has received a consensus recommendation of "Buy" from five analysts, with an average target price of $7.20 per share.
• Recent changes in ratings include a downgrade from "hold" to "sell" by Wall Street Zen and a $5.00 price objective set by Needham & Company LLC.
• Institutional investors own 62.83% of Mereo BioPharma Group, with significant stake increases from Janus Henderson Group PLC and Frazier Life Sciences Management L.P.

Mereo BioPharma Group plc - Sponsored ADR (NASDAQ:MREO - Get Free Report) has been assigned an average recommendation of "Buy" from the five ratings firms that are currently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $7.20.

A number of brokerages have weighed in on MREO. Wall Street Zen upgraded Mereo BioPharma Group from a "sell" rating to a "hold" rating in a research note on Saturday. Needham & Company LLC set a $5.00 target price on Mereo BioPharma Group and gave the stock a "buy" rating in a research note on Thursday, July 10th.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC boosted its holdings 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 worth $59,843,000 after purchasing an additional 4,776,697 shares in the last quarter. Rock Springs Capital Management LP boosted its holdings in shares of Mereo BioPharma Group by 0.7% in the 4th quarter. Rock Springs Capital Management LP now owns 9,599,170 shares of the company's stock worth $33,597,000 after purchasing an additional 65,000 shares in the last quarter. Frazier Life Sciences Management L.P. grew its stake in shares of Mereo BioPharma Group by 20.7% during the second quarter. Frazier Life Sciences Management L.P. now owns 9,440,112 shares of the company's stock valued at $25,583,000 after buying an additional 1,620,249 shares during the last quarter. 683 Capital Management LLC grew its stake in shares of Mereo BioPharma Group by 1.9% during the first quarter. 683 Capital Management LLC now owns 4,635,000 shares of the company's stock valued at $10,429,000 after buying an additional 85,000 shares during the last quarter. Finally, Aberdeen Group plc grew its stake in shares of Mereo BioPharma Group by 38.4% during the second quarter. Aberdeen Group plc now owns 3,028,872 shares of the company's stock valued at $8,208,000 after buying an additional 840,518 shares during the last quarter. 62.83% of the stock is currently owned by hedge funds and other institutional investors.

Mereo BioPharma Group Price Performance

Shares of NASDAQ:MREO traded up $0.03 during trading on Wednesday, hitting $1.74. 940,964 shares of the company were exchanged, compared to its average volume of 1,773,993. The company has a market cap of $276.66 million, a PE ratio of -24.86 and a beta of 0.47. The stock has a 50 day moving average of $2.20 and a 200 day moving average of $2.37. Mereo BioPharma Group has a 52-week low of $1.47 and a 52-week high of $5.02.

Mereo BioPharma Group (NASDAQ:MREO - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $0.50 million for the quarter, compared to analysts' expectations of $7.80 million. Sell-side analysts forecast that Mereo BioPharma Group will post -0.03 EPS for the current fiscal year.

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.