Mereo BioPharma Group’s (MREO) Buy Rating Reaffirmed at BTIG Research

Mereo BioPharma Group (NASDAQ:MREO)‘s stock had its “buy” rating reiterated by BTIG Research in a research note issued on Tuesday, Benzinga reports. They presently have a $1.00 target price on the stock. BTIG Research‘s target price indicates a potential upside of 238.87% from the company’s current price.

Several other research analysts have also commented on the stock. Needham & Company LLC reaffirmed a “buy” rating on shares of Mereo BioPharma Group in a report on Tuesday, August 11th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Mereo BioPharma Group in a research note on Tuesday, September 29th. Finally, JPMorgan Chase & Co. cut shares of Mereo BioPharma Group from a “neutral” rating to an “underweight” rating in a report on Wednesday, August 19th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $1.67.

Mereo BioPharma Group Stock Up 4.3%

Mereo BioPharma Group stock opened at $0.30 on Tuesday. The company has a fifty day moving average price of $0.31 and a two-hundred day moving average price of $0.33. Mereo BioPharma Group has a 12 month low of $0.20 and a 12 month high of $2.37.

Mereo BioPharma Group (NASDAQ:MREO) last issued its earnings results on Monday, November 9th. The company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). The business had revenue of $0.80 million for the quarter, compared to analyst estimates of $0.01 million. As a group, sell-side analysts expect that Mereo BioPharma Group will post -0.04 EPS for the current year.

Institutional Investors Weigh In On Mereo BioPharma Group

Several large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its stake in Mereo BioPharma Group by 32,048.5% in the first quarter. Bank of America Corp DE now owns 8,195,287 shares of the company’s stock valued at $2,704,000 after buying an additional 8,169,795 shares during the last quarter. Defilade Capital Management L.P. acquired a new position in shares of Mereo BioPharma Group during the first quarter valued at $2,494,000. EcoR1 Capital LLC grew its position in shares of Mereo BioPharma Group by 70.2% during the first quarter. EcoR1 Capital LLC now owns 13,368,855 shares of the company’s stock worth $4,412,000 after acquiring an additional 5,512,389 shares during the last quarter. Finally, Forefront Analytics LLC grew its position in shares of Mereo BioPharma Group by 302.2% during the first quarter. Forefront Analytics LLC now owns 127,778 shares of the company’s stock worth $42,000 after acquiring an additional 96,010 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 therapies for rare diseases and oncology. The company’s research programs are intended to address conditions with significant unmet medical needs, using biologic and small-molecule drug candidates.

Mereo’s lead program is setrusumab, an investigational monoclonal antibody designed to inhibit sclerostin and stimulate bone formation. The therapy is being developed for osteogenesis imperfecta, a rare genetic disorder characterized by fragile bones, through a collaboration with Ultragenyx Pharmaceutical.