Needham & Company LLC Reiterates Buy Rating for Mereo BioPharma Group (NASDAQ:MREO)

Mereo BioPharma Group (NASDAQ:MREO)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research report issued on Monday,Benzinga reports. They presently have a $5.00 price objective on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 118.34% from the stock’s previous close.

A number of other research firms also recently weighed in on MREO. JPMorgan Chase & Co. increased their price target on Mereo BioPharma Group from $7.00 to $8.00 and gave the company an “overweight” rating in a research note on Monday, August 25th. Zacks Research upgraded Mereo BioPharma Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Mereo BioPharma Group in a report on Wednesday, October 8th. Finally, BTIG Research restated a “buy” rating and set a $6.00 target price on shares of Mereo BioPharma Group in a research report on Thursday, December 18th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Mereo BioPharma Group currently has a consensus rating of “Moderate Buy” and an average price target of $6.50.

Mereo BioPharma Group Stock Performance

Shares of NASDAQ MREO opened at $2.29 on Monday. Mereo BioPharma Group has a 1 year low of $1.47 and a 1 year high of $3.88. The firm’s 50-day moving average is $1.96 and its 200-day moving average is $2.00. The firm has a market capitalization of $364.41 million, a PE ratio of -38.17 and a beta of 0.44.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Frazier Life Sciences Management L.P. grew its stake in shares of Mereo BioPharma Group by 20.7% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 9,440,112 shares of the company’s stock worth $25,583,000 after acquiring an additional 1,620,249 shares in the last quarter. Atle Fund Management AB boosted its holdings in 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. Goldman Sachs Group Inc. grew its position in Mereo BioPharma Group by 0.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,125,920 shares of the company’s stock valued at $4,783,000 after purchasing an additional 6,068 shares in the last quarter. Aberdeen Group plc increased its stake in Mereo BioPharma Group by 38.4% in the 2nd quarter. Aberdeen Group plc now owns 3,028,872 shares of the company’s stock valued at $8,208,000 after buying an additional 840,518 shares during the last quarter. Finally, Significant Wealth Partners LLC increased its stake in Mereo BioPharma Group by 61.7% in the 2nd quarter. Significant Wealth Partners LLC now owns 22,261 shares of the company’s stock valued at $60,000 after buying an additional 8,490 shares during the last quarter. 62.83% of the stock is owned by institutional investors and hedge funds.

Mereo BioPharma Group Company Profile

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.