Mereo BioPharma Group (NASDAQ:MREO) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Mereo BioPharma Group (NASDAQ:MREO) in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a $7.00 price target on the stock.

Several other equities research analysts have also commented on MREO. JPMorgan Chase & Co. initiated 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 for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Tuesday, March 18th. Six equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $7.71.

Mereo BioPharma Group Stock Performance

NASDAQ:MREO opened at $2.32 on Tuesday. The firm has a market cap of $368.88 million, a price-to-earnings ratio of -38.67 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. The firm has a 50-day moving average price of $2.33 and a two-hundred day moving average price of $3.01.

Mereo BioPharma Group (NASDAQ:MREO) last posted its quarterly earnings data on Tuesday, May 13th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). As a group, sell-side analysts forecast that Mereo BioPharma Group will post -0.03 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MREO. Janus Henderson Group PLC boosted its holdings in Mereo BioPharma Group by 38.7% in the 4th quarter. Janus Henderson Group PLC now owns 17,122,563 shares of the company’s stock worth $59,843,000 after buying an additional 4,776,697 shares during the period. Aberdeen Group plc bought a new position in Mereo BioPharma Group in the 1st quarter worth approximately $4,924,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Mereo BioPharma Group in the 4th quarter worth approximately $3,377,000. Tema Etfs LLC bought a new position in Mereo BioPharma Group in the 4th quarter worth approximately $3,117,000. Finally, Woodline Partners LP bought a new position in Mereo BioPharma Group in the 4th quarter worth approximately $2,166,000. 62.83% of the stock is owned by 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.