Mereo BioPharma Group (NASDAQ:MREO) Announces Quarterly Earnings Results

Mereo BioPharma Group (NASDAQ:MREO) released its quarterly earnings results on Tuesday. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04), FiscalAI reports.

Mereo BioPharma Group Stock Up 25.9%

Shares of MREO opened at $0.34 on Tuesday. Mereo BioPharma Group has a fifty-two week low of $0.20 and a fifty-two week high of $2.37. The company’s fifty day moving average is $0.31 and its two-hundred day moving average is $0.34. The firm has a market cap of $54.75 million, a PE ratio of -6.86 and a beta of 0.36.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MREO. Weiss Ratings restated a “sell (e+)” rating on shares of Mereo BioPharma Group in a research report on Thursday, July 2nd. BTIG Research reissued a “buy” rating and issued a $1.00 target price on shares of Mereo BioPharma Group in a research note on Tuesday, May 12th. Finally, Zacks Research upgraded shares of Mereo BioPharma Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $3.25.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in MREO. Goldman Sachs Group Inc. boosted its holdings in 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 acquiring an additional 6,068 shares during the last quarter. Squarepoint Ops LLC increased its stake in Mereo BioPharma Group by 45.4% during the third quarter. Squarepoint Ops LLC now owns 30,055 shares of the company’s stock worth $62,000 after acquiring an additional 9,387 shares during the last quarter. Marex Group plc acquired a new stake in Mereo BioPharma Group during the second quarter worth about $27,000. Virtu Financial LLC purchased a new position in shares of Mereo BioPharma Group in the 3rd quarter worth about $33,000. Finally, Aquatic Capital Management LLC raised its holdings in shares of Mereo BioPharma Group by 99.5% in the 3rd quarter. Aquatic Capital Management LLC now owns 53,712 shares of the company’s stock worth $111,000 after purchasing an additional 26,782 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.