Mereo BioPharma Group (NASDAQ:MREO) Cut to Strong Sell at Zacks Research

Zacks Research lowered shares of Mereo BioPharma Group (NASDAQ:MREO) from a hold rating to a strong sell rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other research firms have also recently issued reports on MREO. Needham & Company LLC set a $5.00 price target on shares of Mereo BioPharma Group and gave the stock a “buy” rating in a report on Thursday, July 10th. Wall Street Zen raised shares of Mereo BioPharma Group from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. JPMorgan Chase & Co. raised their price target on shares of Mereo BioPharma Group from $7.00 to $8.00 and gave the stock an “overweight” rating in a report on Monday, August 25th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mereo BioPharma Group in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $7.40.

Mereo BioPharma Group Stock Down 1.0%

NASDAQ:MREO opened at $2.00 on Tuesday. Mereo BioPharma Group has a 52 week low of $1.47 and a 52 week high of $4.72. The firm has a 50 day moving average of $1.81 and a 200 day moving average of $2.12. The stock has a market capitalization of $318 million, a price-to-earnings ratio of -28.57 and a beta of 0.45.

Mereo BioPharma Group (NASDAQ:MREO) last posted its earnings results on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The company had revenue of $0.50 million for the quarter, compared to the consensus estimate of $7.80 million. As a group, analysts expect that Mereo BioPharma Group will post -0.03 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Atle Fund Management AB raised its holdings in shares of Mereo BioPharma Group by 96.1% during the second quarter. Atle Fund Management AB now owns 764,901 shares of the company’s stock worth $2,073,000 after purchasing an additional 374,901 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Mereo BioPharma Group by 109.5% during the first quarter. GAMMA Investing LLC now owns 18,855 shares of the company’s stock worth $42,000 after purchasing an additional 9,854 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Mereo BioPharma Group by 0.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,125,920 shares of the company’s stock worth $4,783,000 after purchasing an additional 6,068 shares during the last quarter. Frazier Life Sciences Management L.P. raised its holdings in shares of Mereo BioPharma Group by 53.4% during the first quarter. Frazier Life Sciences Management L.P. now owns 7,819,863 shares of the company’s stock worth $17,595,000 after purchasing an additional 2,722,084 shares during the last quarter. Finally, Aberdeen Group plc purchased a new position in shares of Mereo BioPharma Group during the first quarter worth $4,924,000. Hedge funds and other institutional investors own 62.83% of the company’s stock.

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.