Brokerages Set Mereo BioPharma Group plc - Sponsored ADR (NASDAQ:MREO) Target Price 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.

Shares of Mereo BioPharma Group plc - Sponsored ADR (NASDAQ:MREO - Get Free Report) have been given an average recommendation of "Buy" by the five ratings firms that are covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $7.20.

Several analysts have recently issued reports on MREO shares. Wall Street Zen lowered shares of Mereo BioPharma Group from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Needham & Company LLC set a $5.00 target price on shares of Mereo BioPharma Group and gave the company a "buy" rating in a research report on Thursday, July 10th.

Mereo BioPharma Group Price Performance

MREO stock traded up $0.03 during midday trading on Wednesday, hitting $1.74. 940,614 shares of the stock traded hands, compared to its average volume of 1,763,960. The firm has a market cap of $276.66 million, a P/E ratio of -24.86 and a beta of 0.47. The stock's fifty day simple moving average is $2.22 and its 200-day simple moving average is $2.38. Mereo BioPharma Group has a 1-year low of $1.47 and a 1-year 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) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The company had revenue of $0.50 million for the quarter, compared to the consensus estimate of $7.80 million. On average, research analysts predict that Mereo BioPharma Group will post -0.03 earnings per share for the current year.

Hedge Funds Weigh In On Mereo BioPharma Group

Several hedge funds and other institutional investors have recently modified their holdings of MREO. XTX Topco Ltd purchased a new position in shares of Mereo BioPharma Group in the fourth quarter worth about $133,000. Walleye Capital LLC purchased a new position in shares of Mereo BioPharma Group in the fourth quarter worth about $454,000. Jump Financial LLC purchased a new position in shares of Mereo BioPharma Group in the fourth quarter worth about $39,000. Rock Springs Capital Management LP lifted its stake in shares of Mereo BioPharma Group by 0.7% in the fourth quarter. Rock Springs Capital Management LP now owns 9,599,170 shares of the company's stock worth $33,597,000 after buying an additional 65,000 shares in the last quarter. Finally, Virtus ETF Advisers LLC purchased a new position in shares of Mereo BioPharma Group in the fourth quarter worth about $67,000. 62.83% of the stock is owned by hedge funds and other 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.