Mereo BioPharma Group plc (NASDAQ:MREO) Receives $7.71 Average Price Target from Brokerages

Mereo BioPharma Group plc (NASDAQ:MREO) has received an average recommendation of “Buy” from the eight ratings firms that are covering the firm, Marketbeat.com reports. Six investment analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $7.71.

MREO has been the topic of several analyst reports. Needham & Company LLC restated a “buy” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a report on Wednesday, April 9th. Cantor Fitzgerald reissued an “overweight” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research note on Tuesday, March 18th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Mereo BioPharma Group in a research note on Thursday, March 27th. They set an “overweight” rating and a $7.00 price objective for the company.

Mereo BioPharma Group Trading Up 2.6 %

Mereo BioPharma Group stock opened at $2.39 on Monday. The stock has a market cap of $380.01 million, a PE ratio of -39.83 and a beta of 0.53. The stock has a 50-day moving average price of $2.34 and a 200 day moving average price of $3.07. Mereo BioPharma Group has a 52 week low of $1.58 and a 52 week high of $5.02.

Mereo BioPharma Group (NASDAQ:MREO) last posted its quarterly earnings data on Wednesday, March 26th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). On average, equities analysts predict that Mereo BioPharma Group will post -0.03 EPS for the current year.

Institutional Investors Weigh In On Mereo BioPharma Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Avanza Fonder AB grew its holdings in shares of Mereo BioPharma Group by 43.5% during the 1st quarter. Avanza Fonder AB now owns 28,121 shares of the company’s stock worth $67,000 after purchasing an additional 8,521 shares during the period. GAMMA Investing LLC grew its stake in 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 buying an additional 9,854 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Mereo BioPharma Group in the fourth quarter worth $3,377,000. Woodline Partners LP acquired a new stake in shares of Mereo BioPharma Group in the fourth quarter worth $2,166,000. Finally, Tema Etfs LLC acquired a new position in shares of Mereo BioPharma Group during the 4th quarter valued at $3,117,000. 62.83% of the stock is currently owned by institutional investors and hedge funds.

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, 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.