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

Needham & Company LLC reissued their buy rating on shares of Mereo BioPharma Group (NASDAQ:MREO) in a report published on Monday,Benzinga reports. They currently have a $5.00 price objective on the stock.

MREO has been the subject of a number of other reports. BTIG Research reissued a “buy” rating and issued a $6.00 price objective on shares of Mereo BioPharma Group in a research note on Thursday, December 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mereo BioPharma Group in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised their price target on Mereo BioPharma Group from $7.00 to $8.00 and gave the company an “overweight” rating in a report on Monday, August 25th. Finally, Zacks Research upgraded Mereo BioPharma Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Mereo BioPharma Group presently has a consensus rating of “Moderate Buy” and an average price target of $7.20.

Mereo BioPharma Group Stock Up 14.5%

NASDAQ MREO opened at $2.29 on Monday. Mereo BioPharma Group has a 52 week low of $1.47 and a 52 week high of $3.88. The company has a market capitalization of $364.41 million, a P/E ratio of -38.17 and a beta of 0.45. The stock’s 50-day moving average price is $1.95 and its 200-day moving average price is $2.01.

Mereo BioPharma Group (NASDAQ:MREO) last released its earnings results on Monday, November 10th. The company reported ($0.01) earnings per share (EPS) for the quarter. Research analysts anticipate 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 company. Marex Group plc purchased a new stake in shares of Mereo BioPharma Group in the second quarter worth about $27,000. State of New Jersey Common Pension Fund D bought a new stake in Mereo BioPharma Group in the 3rd quarter worth approximately $32,000. Virtu Financial LLC purchased a new stake in shares of Mereo BioPharma Group during the 3rd quarter worth approximately $33,000. Significant Wealth Partners LLC boosted its position in shares of Mereo BioPharma Group by 61.7% during the 2nd quarter. Significant Wealth Partners LLC now owns 22,261 shares of the company’s stock valued at $60,000 after acquiring an additional 8,490 shares during the last quarter. Finally, Squarepoint Ops LLC grew its holdings in shares of Mereo BioPharma Group by 45.4% in the third quarter. Squarepoint Ops LLC now owns 30,055 shares of the company’s stock valued at $62,000 after purchasing an additional 9,387 shares in the last quarter. Hedge funds and other institutional investors own 62.83% of the company’s stock.

About Mereo BioPharma Group

Mereo BioPharma Group plc is a clinical‐stage biopharmaceutical company focused on developing novel therapies for rare diseases, oncology and severe respiratory conditions. The company pursues an asset‐centric model, in which it in-licenses or acquires clinical-stage small molecules and monoclonal antibodies with established safety profiles. By concentrating resources on a select number of programs, Mereo aims to accelerate proof-of-concept studies and maximize the potential value of each therapeutic candidate.

Mereo’s pipeline includes investigational therapies for skeletal disorders, such as setrusumab (BPS-804) for osteogenesis imperfecta, and treatments for acute and chronic respiratory diseases.