Needham & Company LLC Reaffirms Buy Rating for Mereo BioPharma Group (NASDAQ:MREO)

Mereo BioPharma Group (NASDAQ:MREO)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a report issued on Tuesday,Benzinga reports. They currently have a $7.00 price objective on the stock. Needham & Company LLC’s target price suggests a potential upside of 186.30% from the stock’s current price.

A number of other research analysts have also recently commented on MREO. Cantor Fitzgerald reiterated an “overweight” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a report on Tuesday, March 18th. JPMorgan Chase & Co. started coverage on shares of Mereo BioPharma Group in a research note on Thursday, March 27th. They issued an “overweight” rating and a $7.00 price objective on the stock. Six analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $7.71.

Mereo BioPharma Group Stock Performance

NASDAQ MREO traded down $0.06 on Tuesday, hitting $2.45. 109,663 shares of the stock were exchanged, compared to its average volume of 1,097,665. The stock has a fifty day moving average price of $2.34 and a two-hundred day moving average price of $3.01. The firm has a market capitalization of $388.76 million, a P/E ratio of -40.75 and a beta of 0.53. Mereo BioPharma Group has a 52-week low of $1.58 and a 52-week high of $5.02.

Mereo BioPharma Group (NASDAQ:MREO) last announced its earnings results on Tuesday, May 13th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). Sell-side analysts expect that Mereo BioPharma Group will post -0.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Mereo BioPharma Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. bought a new position in Mereo BioPharma Group in the fourth quarter valued at about $37,000. Jump Financial LLC acquired a new position in shares of Mereo BioPharma Group in the fourth quarter valued at approximately $39,000. GAMMA Investing LLC boosted its position in Mereo BioPharma Group by 109.5% during the 1st quarter. GAMMA Investing LLC now owns 18,855 shares of the company’s stock worth $42,000 after buying an additional 9,854 shares during the period. Sheets Smith Investment Management bought a new stake in Mereo BioPharma Group during the 4th quarter worth approximately $59,000. Finally, Virtus ETF Advisers LLC acquired a new position in shares of Mereo BioPharma Group during the fourth quarter worth $67,000. 62.83% of the stock is owned by institutional investors and hedge funds.

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.