Mereo BioPharma Group (NASDAQ:MREO) Given a $5.00 Price Target by Needham & Company LLC Analysts

Mereo BioPharma Group (NASDAQ:MREO) has been assigned a $5.00 price objective by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 210.56% from the stock’s current price.

Other analysts also recently issued reports about the stock. JPMorgan Chase & Co. assumed coverage on shares of Mereo BioPharma Group in a research report on Thursday, March 27th. They issued an “overweight” 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. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $7.20.

Mereo BioPharma Group Stock Down 4.7%

Shares of NASDAQ:MREO opened at $1.61 on Thursday. Mereo BioPharma Group has a fifty-two week low of $1.58 and a fifty-two week high of $5.02. The firm has a 50-day simple moving average of $2.53 and a 200 day simple moving average of $2.66. The company has a market cap of $255.99 million, a PE ratio of -23.00 and a beta of 0.46.

Mereo BioPharma Group (NASDAQ:MREO) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). As a group, research analysts forecast that Mereo BioPharma Group will post -0.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Mereo BioPharma Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Jump Financial LLC acquired a new stake in Mereo BioPharma Group in the 4th quarter valued at $39,000. GAMMA Investing LLC raised its holdings in Mereo BioPharma Group by 109.5% in the 1st quarter. GAMMA Investing LLC now owns 18,855 shares of the company’s stock valued at $42,000 after acquiring an additional 9,854 shares in the last quarter. Sheets Smith Investment Management acquired a new stake in Mereo BioPharma Group during the fourth quarter worth about $59,000. Virtus ETF Advisers LLC acquired a new position in Mereo BioPharma Group during the fourth quarter valued at approximately $67,000. Finally, Avanza Fonder AB lifted its holdings in shares of Mereo BioPharma Group by 43.5% in the first quarter. Avanza Fonder AB now owns 28,121 shares of the company’s stock worth $67,000 after acquiring an additional 8,521 shares during the last quarter. 62.83% of the stock is owned by 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.