Mereo BioPharma Group (NASDAQ:MREO) Upgraded by Zacks Research to Hold Rating

Mereo BioPharma Group (NASDAQ:MREO) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Several other research analysts also recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Mereo BioPharma Group from $7.00 to $8.00 and gave the stock an “overweight” rating in a report on Monday, August 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Mereo BioPharma Group in a research report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Mereo BioPharma Group from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Mereo BioPharma Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.40.

Mereo BioPharma Group Stock Down 3.3%

Mereo BioPharma Group stock opened at $1.78 on Wednesday. The firm has a 50 day moving average price of $1.91 and a 200-day moving average price of $2.09. Mereo BioPharma Group has a twelve month low of $1.47 and a twelve month high of $4.14. The company has a market capitalization of $283.02 million, a P/E ratio of -29.67 and a beta of 0.41.

Mereo BioPharma Group (NASDAQ:MREO) last issued its earnings results on Monday, November 10th. The company reported ($0.01) earnings per share (EPS) for the quarter. The business had revenue of $0.30 million during the quarter, compared to analysts’ expectations of $3.70 million. Equities analysts expect that Mereo BioPharma Group will post -0.03 EPS for the current fiscal year.

Institutional Investors Weigh In On Mereo BioPharma Group

A number of institutional investors and hedge funds have recently bought and sold shares of MREO. Frazier Life Sciences Management L.P. lifted its stake in Mereo BioPharma Group by 53.4% during the first quarter. Frazier Life Sciences Management L.P. now owns 7,819,863 shares of the company’s stock worth $17,595,000 after purchasing an additional 2,722,084 shares during the last quarter. Aberdeen Group plc raised its holdings in shares of Mereo BioPharma Group by 82.9% during the 3rd quarter. Aberdeen Group plc now owns 5,538,699 shares of the company’s stock valued at $11,410,000 after buying an additional 2,509,827 shares in the last quarter. Blue Owl Capital Holdings LP bought a new stake in Mereo BioPharma Group in the 3rd quarter worth approximately $2,575,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Mereo BioPharma Group by 62.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,569,100 shares of the company’s stock worth $3,530,000 after buying an additional 604,200 shares during the last quarter. Finally, UBS Group AG boosted its stake in Mereo BioPharma Group by 159.9% in the third quarter. UBS Group AG now owns 970,667 shares of the company’s stock worth $2,000,000 after buying an additional 597,162 shares in 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, 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.