Mereo BioPharma Group (NASDAQ:MREO) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Mereo BioPharma Group (NASDAQ:MREO) in a report released on Wednesday,Benzinga reports. Needham & Company LLC currently has a $7.00 price target on the stock.

Several other equities research analysts have also weighed in on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Tuesday, March 18th. Jefferies Financial Group began coverage on Mereo BioPharma Group in a research note on Friday, December 6th. They set a “buy” rating and a $7.00 price objective for the company. Finally, Lifesci Capital began coverage on shares of Mereo BioPharma Group in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $10.00 target price 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 company’s stock. According to data from MarketBeat, Mereo BioPharma Group presently has a consensus rating of “Buy” and a consensus target price of $7.83.

Mereo BioPharma Group Stock Up 0.9 %

Shares of MREO stock opened at $2.37 on Wednesday. Mereo BioPharma Group has a one year low of $2.22 and a one year high of $5.02. The stock has a fifty day moving average price of $2.74 and a 200 day moving average price of $3.52.

Mereo BioPharma Group (NASDAQ:MREO) last released its quarterly earnings data on Wednesday, March 26th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). On average, research analysts forecast that Mereo BioPharma Group will post -0.03 EPS for the current fiscal year.

Institutional Trading of Mereo BioPharma Group

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

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.