Brokerages Set Mereo BioPharma Group plc (NASDAQ:MREO) Price Target at $7.83

Shares of Mereo BioPharma Group plc (NASDAQ:MREO) have received an average rating of “Buy” from the seven research firms that are presently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $7.83.

Several research firms recently issued reports on MREO. Lifesci Capital started coverage on shares of Mereo BioPharma Group in a research note on Tuesday, December 24th. They set an “outperform” rating and a $10.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a report on Monday, January 13th. Jefferies Financial Group started coverage on shares of Mereo BioPharma Group in a report on Friday, December 6th. They set a “buy” rating and a $7.00 price objective for the company. Finally, Cantor Fitzgerald raised shares of Mereo BioPharma Group to a “strong-buy” rating in a report on Sunday, December 8th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Newbridge Financial Services Group Inc. acquired a new position in shares of Mereo BioPharma Group in the 4th quarter valued at about $37,000. Jump Financial LLC acquired a new position in shares of Mereo BioPharma Group in the 4th quarter valued at about $39,000. Sheets Smith Investment Management acquired a new position in shares of Mereo BioPharma Group in the 4th quarter valued at about $59,000. Virtus ETF Advisers LLC acquired a new position in shares of Mereo BioPharma Group in the 4th quarter valued at about $67,000. Finally, Avanza Fonder AB acquired a new position in shares of Mereo BioPharma Group in the 4th quarter valued at about $69,000. 62.83% of the stock is owned by institutional investors and hedge funds.

Mereo BioPharma Group Stock Down 6.3 %

Mereo BioPharma Group stock opened at $2.52 on Wednesday. Mereo BioPharma Group has a 12-month low of $2.47 and a 12-month high of $5.02. The firm’s fifty day moving average price is $3.18 and its 200 day moving average price is $3.80.

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.