Mereo BioPharma Group’s (MREO) Buy Rating Reaffirmed at Needham & Company LLC

Mereo BioPharma Group (NASDAQ:MREO)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $7.00 target price on the stock. Needham & Company LLC’s price objective points to a potential upside of 209.05% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Jefferies Financial Group began coverage on shares of Mereo BioPharma Group in a report on Friday, December 6th. They issued a “buy” rating and a $7.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Tuesday, March 18th. Finally, Lifesci Capital began coverage on Mereo BioPharma Group in a report on Tuesday, December 24th. They issued an “outperform” rating and a $10.00 price objective on the stock. Five equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $7.83.

Mereo BioPharma Group Stock Performance

Shares of NASDAQ MREO traded down $0.09 during mid-day trading on Wednesday, reaching $2.27. 299,506 shares of the company’s stock were exchanged, compared to its average volume of 996,694. The company’s 50-day moving average is $2.76 and its 200-day moving average is $3.52. Mereo BioPharma Group has a 52-week low of $2.25 and a 52-week high of $5.02.

Mereo BioPharma Group (NASDAQ:MREO) last announced its earnings results on Wednesday, March 26th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.03). Equities analysts anticipate that Mereo BioPharma Group will post -0.03 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Acuta Capital Partners LLC raised its holdings in shares of Mereo BioPharma Group by 86.2% in the 3rd quarter. Acuta Capital Partners LLC now owns 1,260,700 shares of the company’s stock valued at $5,181,000 after purchasing an additional 583,700 shares in the last quarter. Fred Alger Management LLC raised its stake in Mereo BioPharma Group by 108.1% in the third quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock valued at $422,000 after buying an additional 53,278 shares in the last quarter. Janus Henderson Group PLC raised its stake in Mereo BioPharma Group by 56.7% in the third quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company’s stock valued at $50,865,000 after buying an additional 4,464,984 shares in the last quarter. Polar Asset Management Partners Inc. lifted its holdings in Mereo BioPharma Group by 36.0% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 198,300 shares of the company’s stock worth $815,000 after buying an additional 52,500 shares during the last quarter. Finally, State Street Corp purchased a new position in shares of Mereo BioPharma Group in the 3rd quarter valued at about $195,000. 62.83% of the stock is currently 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.