Mereo BioPharma Group plc (NASDAQ:MREO) Receives $7.83 Average Target Price from Brokerages

Shares of Mereo BioPharma Group plc (NASDAQ:MREO) have been given an average recommendation of “Buy” by the seven analysts that are presently covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a buy recommendation and three have given a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $7.83.

Several brokerages have weighed in on MREO. Lifesci Capital initiated coverage on Mereo BioPharma Group in a research report on Tuesday, December 24th. They issued an “outperform” rating and a $10.00 target price on the stock. Cantor Fitzgerald upgraded shares of Mereo BioPharma Group to a “strong-buy” rating in a research note on Sunday, December 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research note on Monday, January 13th. Finally, Jefferies Financial Group began coverage on shares of Mereo BioPharma Group in a research note on Friday, December 6th. They set a “buy” rating and a $7.00 target price on the stock.

Mereo BioPharma Group Price Performance

Shares of Mereo BioPharma Group stock opened at $2.92 on Friday. The business has a 50-day moving average price of $3.48 and a 200 day moving average price of $3.96. Mereo BioPharma Group has a fifty-two week low of $2.80 and a fifty-two week high of $5.02.

Institutional Trading of Mereo BioPharma Group

Hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers raised its holdings in shares of Mereo BioPharma Group by 70.9% during the second quarter. Rhumbline Advisers now owns 6,958 shares of the company’s stock worth $25,000 after acquiring an additional 2,887 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Mereo BioPharma Group by 58.1% during the 3rd quarter. GAMMA Investing LLC now owns 10,693 shares of the company’s stock worth $44,000 after purchasing an additional 3,928 shares in the last quarter. Golden State Equity Partners lifted its holdings in shares of Mereo BioPharma Group by 247.7% during the 4th quarter. Golden State Equity Partners now owns 22,600 shares of the company’s stock valued at $79,000 after buying an additional 16,100 shares during the last quarter. Avanza Fonder AB bought a new stake in shares of Mereo BioPharma Group in the 4th quarter valued at approximately $69,000. Finally, PFG Investments LLC increased its stake in shares of Mereo BioPharma Group by 132.0% during the 4th quarter. PFG Investments LLC now owns 39,433 shares of the company’s stock worth $138,000 after purchasing an additional 22,433 shares during the last quarter. 62.83% of the stock is owned by hedge funds and other institutional investors.

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.