Brokerages Set Mereo BioPharma Group plc (NASDAQ:MREO) PT at $7.71

Shares of Mereo BioPharma Group plc (NASDAQ:MREO) have been given a consensus rating of “Buy” by the eight ratings firms that are currently covering the firm, Marketbeat.com reports. Six investment analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $7.71.

Several research firms recently weighed in on MREO. JPMorgan Chase & Co. started coverage on shares of Mereo BioPharma Group in a research note on Thursday, March 27th. They set an “overweight” rating and a $7.00 target price for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $7.00 target price on shares of Mereo BioPharma Group in a report on Tuesday, March 18th. Finally, Needham & Company LLC restated a “buy” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research report on Wednesday, April 9th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp purchased a new position in shares of Mereo BioPharma Group during the 3rd quarter worth about $195,000. Avanza Fonder AB bought a new stake in Mereo BioPharma Group in the fourth quarter worth about $69,000. PFG Investments LLC boosted its position in shares of Mereo BioPharma Group by 132.0% during the fourth quarter. PFG Investments LLC now owns 39,433 shares of the company’s stock valued at $138,000 after buying an additional 22,433 shares during the period. Golden State Equity Partners grew its stake in shares of Mereo BioPharma Group by 247.7% during the fourth quarter. Golden State Equity Partners now owns 22,600 shares of the company’s stock valued at $79,000 after buying an additional 16,100 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new stake in shares of Mereo BioPharma Group in the fourth quarter worth approximately $37,000. 62.83% of the stock is owned by hedge funds and other institutional investors.

Mereo BioPharma Group Price Performance

Mereo BioPharma Group stock opened at $2.41 on Monday. The business’s fifty day moving average is $2.34 and its 200 day moving average is $3.04. Mereo BioPharma Group has a one year low of $1.58 and a one year high of $5.02. The stock 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 announced its earnings results on Wednesday, March 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.03). As a group, sell-side analysts expect that Mereo BioPharma Group will post -0.03 EPS for the current fiscal year.

Mereo BioPharma Group Company Profile

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.