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

Needham & Company LLC restated their buy rating on shares of Mereo BioPharma Group (NASDAQ:MREO) in a report released on Monday morning,Benzinga reports. Needham & Company LLC currently has a $5.00 price objective on the stock.

Several other research firms have also weighed in on MREO. JPMorgan Chase & Co. increased their price target on Mereo BioPharma Group from $7.00 to $8.00 and gave the company an “overweight” rating in a report on Monday, August 25th. Zacks Research upgraded shares of Mereo BioPharma Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Mereo BioPharma Group in a research note on Wednesday, October 8th. Finally, BTIG Research restated a “buy” rating and issued a $6.00 target price on shares of Mereo BioPharma Group in a report on Thursday, December 18th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $6.50.

Mereo BioPharma Group Trading Up 2.4%

Shares of NASDAQ MREO opened at $2.34 on Monday. Mereo BioPharma Group has a 12-month low of $1.47 and a 12-month high of $3.84. The firm’s 50-day moving average price is $1.96 and its 200-day moving average price is $2.01. The stock has a market capitalization of $373.01 million, a price-to-earnings ratio of -39.07 and a beta of 0.44.

Mereo BioPharma Group (NASDAQ:MREO) last released its quarterly earnings results on Monday, November 10th. The company reported ($0.01) EPS for the quarter. On average, equities analysts predict that Mereo BioPharma Group will post -0.03 EPS for the current fiscal year.

Institutional Trading of Mereo BioPharma Group

A number of large investors have recently made changes to their positions in MREO. Frazier Life Sciences Management L.P. increased its stake in Mereo BioPharma Group by 20.7% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 9,440,112 shares of the company’s stock worth $25,583,000 after buying an additional 1,620,249 shares during the period. Aberdeen Group plc grew its stake in Mereo BioPharma Group by 82.9% in the 3rd quarter. Aberdeen Group plc now owns 5,538,699 shares of the company’s stock worth $11,410,000 after acquiring an additional 2,509,827 shares in the last quarter. 683 Capital Management LLC increased its position in shares of Mereo BioPharma Group by 1.9% during the first quarter. 683 Capital Management LLC now owns 4,635,000 shares of the company’s stock worth $10,429,000 after acquiring an additional 85,000 shares during the period. Clearline Capital LP raised its stake in shares of Mereo BioPharma Group by 6.0% during the third quarter. Clearline Capital LP now owns 3,834,163 shares of the company’s stock valued at $7,898,000 after acquiring an additional 216,000 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Mereo BioPharma Group by 0.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,125,920 shares of the company’s stock valued at $4,783,000 after purchasing an additional 6,068 shares during the period. 62.83% of the stock is owned by hedge funds and other institutional investors.

Mereo BioPharma Group Company Profile

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.