Mereo BioPharma Group (NASDAQ:MREO) Given New $1.00 Price Target at BTIG Research

Mereo BioPharma Group (NASDAQ:MREO) had its price objective dropped by investment analysts at BTIG Research from $6.00 to $1.00 in a report released on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s price target would suggest a potential upside of 255.87% from the company’s current price.

MREO has been the subject of a number of other reports. Zacks Research raised Mereo BioPharma Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mereo BioPharma Group in a research report on Wednesday, October 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Mereo BioPharma Group in a research report on Monday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $5.00 price objective on shares of Mereo BioPharma Group in a research note on Monday, December 22nd. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $5.25.

Mereo BioPharma Group Trading Down 87.8%

Shares of MREO traded down $2.03 during trading hours on Monday, reaching $0.28. The stock had a trading volume of 176,790,703 shares, compared to its average volume of 2,319,935. The firm has a 50-day simple moving average of $1.98 and a 200 day simple moving average of $2.00. Mereo BioPharma Group has a 12 month low of $0.20 and a 12 month high of $3.84. The company has a market capitalization of $44.72 million, a price-to-earnings ratio of -4.65 and a beta of 0.45.

Mereo BioPharma Group (NASDAQ:MREO) last posted its earnings results on Monday, November 10th. The company reported ($0.01) earnings per share for the quarter. On average, equities analysts forecast that Mereo BioPharma Group will post -0.03 EPS for the current year.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of hedge funds and other institutional investors have recently made changes to their positions in MREO. Frazier Life Sciences Management L.P. increased its stake in 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 valued at $25,583,000 after purchasing an additional 1,620,249 shares in the last quarter. Atle Fund Management AB grew its stake in shares of Mereo BioPharma Group by 96.1% during the 2nd quarter. Atle Fund Management AB now owns 764,901 shares of the company’s stock valued at $2,073,000 after purchasing an additional 374,901 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Mereo BioPharma Group by 0.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,125,920 shares of the company’s stock worth $4,783,000 after acquiring an additional 6,068 shares during the last quarter. Aberdeen Group plc grew its position in shares of Mereo BioPharma Group by 38.4% during the 2nd quarter. Aberdeen Group plc now owns 3,028,872 shares of the company’s stock valued at $8,208,000 after acquiring an additional 840,518 shares during the period. Finally, Significant Wealth Partners LLC increased its stake in shares of Mereo BioPharma Group by 61.7% in the 2nd 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 in the last quarter. Institutional investors own 62.83% of the company’s stock.

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.