Mereo BioPharma Group’s (MREO) Buy Rating Reaffirmed at Needham & Company LLC

Mereo BioPharma Group (NASDAQ:MREO)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports.

Several other research firms have also recently weighed in on MREO. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Mereo BioPharma Group in a research note on Thursday, July 2nd. Zacks Research raised Mereo BioPharma Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Finally, BTIG Research reissued a “buy” rating and set a $1.00 price target on shares of Mereo BioPharma Group in a research note on Tuesday. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Mereo BioPharma Group currently has an average rating of “Hold” and an average target price of $3.25.

Mereo BioPharma Group Stock Up 12.2%

NASDAQ:MREO opened at $0.31 on Tuesday. The business’s 50-day simple moving average is $0.31 and its two-hundred day simple moving average is $0.34. Mereo BioPharma Group has a 52 week low of $0.20 and a 52 week high of $2.37. The stock has a market cap of $48.76 million, a PE ratio of -6.11 and a beta of 0.36.

Mereo BioPharma Group (NASDAQ:MREO) last released its earnings results on Tuesday, August 11th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.01). Sell-side analysts anticipate that Mereo BioPharma Group will post -0.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. 683 Capital Management LLC increased its holdings in shares of Mereo BioPharma Group by 208.2% in the 4th quarter. 683 Capital Management LLC now owns 15,025,000 shares of the company’s stock valued at $6,261,000 after acquiring an additional 10,150,000 shares during the period. Bank of America Corp DE boosted its position in Mereo BioPharma Group by 32,048.5% during 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 purchasing an additional 8,169,795 shares in the last quarter. EcoR1 Capital LLC purchased a new position in Mereo BioPharma Group in the fourth quarter valued at about $3,274,000. Defilade Capital Management L.P. bought a new position in Mereo BioPharma Group in the first quarter worth about $2,494,000. Finally, Schonfeld Strategic Advisors LLC lifted its position in shares of Mereo BioPharma Group by 251.5% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 6,090,381 shares of the company’s stock valued at $2,538,000 after buying an additional 4,357,657 shares during the last quarter. 62.83% of the stock is owned by hedge funds and other institutional investors.

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.