Mereo BioPharma Group plc (NASDAQ:MREO) Receives Consensus Recommendation of “Buy” from Analysts

Mereo BioPharma Group plc (NASDAQ:MREO) has earned an average rating of “Buy” from the eight ratings firms that are currently covering the firm, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $7.71.

A number of equities research analysts have weighed in on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research report on Tuesday, March 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Wednesday, April 9th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Mereo BioPharma Group in a research report on Thursday, March 27th. They set an “overweight” rating and a $7.00 target price on the stock.

Hedge Funds Weigh In On Mereo BioPharma Group

Large investors have recently added to or reduced their stakes in the company. State Street Corp bought a new stake in shares of Mereo BioPharma Group in the 3rd quarter valued at about $195,000. Avanza Fonder AB purchased a new stake in Mereo BioPharma Group during the fourth quarter valued at approximately $69,000. PFG Investments LLC boosted its stake in Mereo BioPharma Group by 132.0% in the fourth quarter. PFG Investments LLC now owns 39,433 shares of the company’s stock valued at $138,000 after acquiring an additional 22,433 shares in the last quarter. Golden State Equity Partners grew its holdings in Mereo BioPharma Group by 247.7% in the fourth quarter. Golden State Equity Partners now owns 22,600 shares of the company’s stock worth $79,000 after purchasing an additional 16,100 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. acquired a new position in shares of Mereo BioPharma Group during the fourth quarter worth $37,000. 62.83% of the stock is currently owned by institutional investors.

Mereo BioPharma Group Price Performance

MREO stock opened at $2.41 on Monday. Mereo BioPharma Group has a 12 month low of $1.58 and a 12 month high of $5.02. The firm’s 50-day moving average is $2.34 and its 200 day moving average is $3.04. The company has a market capitalization of $383.19 million, a PE ratio of -40.17 and a beta of 0.53.

Mereo BioPharma Group (NASDAQ:MREO) last issued its earnings results on Wednesday, March 26th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). Sell-side analysts forecast that Mereo BioPharma Group will post -0.03 EPS for the current fiscal year.

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.