Mereo BioPharma Group (NASDAQ:MREO) Given New $3.00 Price Target at Needham & Company LLC

Mereo BioPharma Group (NASDAQ:MREO) had its price objective trimmed by Needham & Company LLC from $5.00 to $3.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages have also weighed in on MREO. Wall Street Zen lowered Mereo BioPharma Group from a “hold” rating to a “sell” rating in a report on Saturday, January 3rd. Cantor Fitzgerald reissued an “overweight” rating on shares of Mereo BioPharma Group in a report on Monday, December 29th. BTIG Research cut their target price on shares of Mereo BioPharma Group from $6.00 to $1.00 and set a “buy” rating for the company in a research report on Monday, December 29th. Lifesci Capital cut Mereo BioPharma Group from an “outperform” rating to a “hold” rating in a report on Monday, December 29th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Mereo BioPharma Group in a report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $4.00.

Mereo BioPharma Group Stock Up 16.3%

NASDAQ MREO opened at $0.66 on Tuesday. The business’s 50-day moving average price is $1.61 and its 200 day moving average price is $1.80. The firm has a market cap of $105.03 million, a P/E ratio of -11.00 and a beta of 0.42. Mereo BioPharma Group has a 52-week low of $0.20 and a 52-week high of $3.39.

Mereo BioPharma Group (NASDAQ:MREO) last announced its earnings results on Monday, November 10th. The company reported ($0.01) earnings per share for the quarter. As a group, analysts anticipate that Mereo BioPharma Group will post -0.03 earnings per share for the current year.

Hedge Funds Weigh In On Mereo BioPharma Group

Several large investors have recently added to or reduced their stakes in the business. Marex Group plc purchased a new stake in Mereo BioPharma Group in the 2nd quarter valued at about $27,000. State of New Jersey Common Pension Fund D acquired a new stake in shares of Mereo BioPharma Group in the third quarter worth approximately $32,000. Virtu Financial LLC purchased a new stake in Mereo BioPharma Group in the third quarter valued at approximately $33,000. Significant Wealth Partners LLC increased its position in Mereo BioPharma Group by 61.7% during the second quarter. Significant Wealth Partners LLC now owns 22,261 shares of the company’s stock worth $60,000 after purchasing an additional 8,490 shares during the last quarter. Finally, Squarepoint Ops LLC raised its stake in Mereo BioPharma Group by 45.4% during the third quarter. Squarepoint Ops LLC now owns 30,055 shares of the company’s stock worth $62,000 after purchasing an additional 9,387 shares during the period. 62.83% of the stock is currently owned by hedge funds and other institutional investors.

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.