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

Mereo BioPharma Group (NASDAQ:MREO)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research note issued on Wednesday, Benzinga reports. They presently have a $6.00 price target on the stock. Needham & Company LLC’s price target would indicate a potential upside of 118.98% from the company’s previous close.

Separately, Cantor Fitzgerald restated an “overweight” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research report on Thursday, March 28th.

Mereo BioPharma Group Price Performance

NASDAQ MREO opened at $2.74 on Wednesday. The company has a fifty day moving average of $3.48 and a 200 day moving average of $2.63. Mereo BioPharma Group has a 1 year low of $0.92 and a 1 year high of $4.36. The company has a debt-to-equity ratio of 0.09, a quick ratio of 6.72 and a current ratio of 6.72.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MREO. BlackRock Inc. raised its position in shares of Mereo BioPharma Group by 59.2% in the first quarter. BlackRock Inc. now owns 749,601 shares of the company’s stock worth $840,000 after acquiring an additional 278,729 shares during the period. Renaissance Technologies LLC raised its position in shares of Mereo BioPharma Group by 28.6% in the first quarter. Renaissance Technologies LLC now owns 283,800 shares of the company’s stock worth $318,000 after acquiring an additional 63,200 shares during the period. Bank of America Corp DE raised its position in shares of Mereo BioPharma Group by 180.1% in the first quarter. Bank of America Corp DE now owns 199,649 shares of the company’s stock worth $223,000 after acquiring an additional 128,367 shares during the period. UBS Group AG acquired a new position in shares of Mereo BioPharma Group in the second quarter worth about $45,000. Finally, Centiva Capital LP purchased a new stake in shares of Mereo BioPharma Group during the second quarter worth about $28,000. Institutional investors and hedge funds own 62.83% of the company’s stock.

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 and internationally. Its lead product candidate, etigilimab (OMP-313M32), an antibody T-cell immunoreceptor with Ig and ITIM domains, which is in Phase 1b clinical trial for the treatment of tumors.