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 stock analysts at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They presently have a $7.00 price objective on the stock. Needham & Company LLC’s target price suggests a potential upside of 190.46% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Lifesci Capital initiated coverage on Mereo BioPharma Group in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $10.00 price target for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $7.00 price objective on shares of Mereo BioPharma Group in a research report on Tuesday, March 18th. Finally, Jefferies Financial Group initiated coverage on shares of Mereo BioPharma Group in a research note on Friday, December 6th. They issued a “buy” rating and a $7.00 target price for the company. Six research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Mereo BioPharma Group presently has a consensus rating of “Buy” and an average price target of $7.71.

Mereo BioPharma Group Trading Up 1.7 %

NASDAQ MREO opened at $2.41 on Wednesday. Mereo BioPharma Group has a 52 week low of $2.22 and a 52 week high of $5.02. The company has a 50 day moving average price of $2.73 and a 200 day moving average price of $3.51.

Mereo BioPharma Group (NASDAQ:MREO) last issued its quarterly earnings results on Wednesday, March 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). As a group, equities analysts forecast that Mereo BioPharma Group will post -0.03 EPS for the current year.

Institutional Trading of Mereo BioPharma Group

Several hedge funds and other institutional investors have recently bought and sold shares of MREO. Newbridge Financial Services Group Inc. acquired a new position in Mereo BioPharma Group in the fourth quarter valued at approximately $37,000. Jump Financial LLC purchased a new stake in Mereo BioPharma Group during the fourth quarter worth $39,000. Sheets Smith Investment Management purchased a new stake in Mereo BioPharma Group during the fourth quarter worth $59,000. Virtus ETF Advisers LLC acquired a new stake in Mereo BioPharma Group during the fourth quarter valued at $67,000. Finally, Avanza Fonder AB purchased a new position in Mereo BioPharma Group in the fourth quarter valued at $69,000. 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.