Mereo BioPharma Group plc (NASDAQ:MREO) Receives $7.71 Consensus Price Target from Brokerages

Mereo BioPharma Group plc (NASDAQ:MREO) has received a consensus recommendation of “Buy” from the eight research firms that are currently covering the stock, MarketBeat reports. Six investment analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $7.71.

Several research firms recently issued reports on MREO. Lifesci Capital began coverage on Mereo BioPharma Group in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $10.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research note on Wednesday, April 9th. JPMorgan Chase & Co. initiated coverage on Mereo BioPharma Group in a research note on Thursday, March 27th. They issued an “overweight” rating and a $7.00 price target for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a research report on Tuesday, March 18th.

Mereo BioPharma Group Stock Performance

Shares of MREO stock opened at $2.13 on Thursday. Mereo BioPharma Group has a fifty-two week low of $1.58 and a fifty-two week high of $5.02. The company has a market capitalization of $330.46 million, a P/E ratio of -35.50 and a beta of 0.71. The stock has a 50 day moving average price of $2.42 and a two-hundred day moving average price of $3.26.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Avanza Fonder AB boosted its position in shares of Mereo BioPharma Group by 43.5% in the 1st quarter. Avanza Fonder AB now owns 28,121 shares of the company’s stock worth $67,000 after purchasing an additional 8,521 shares in the last quarter. Graham Capital Management L.P. grew its position in Mereo BioPharma Group by 74.7% during the fourth quarter. Graham Capital Management L.P. now owns 22,189 shares of the company’s stock valued at $78,000 after buying an additional 9,490 shares during the period. GAMMA Investing LLC raised its position in Mereo BioPharma Group by 109.5% in the first quarter. GAMMA Investing LLC now owns 18,855 shares of the company’s stock worth $42,000 after acquiring an additional 9,854 shares during the period. Newbridge Financial Services Group Inc. purchased a new position in shares of Mereo BioPharma Group during the 4th quarter worth $37,000. Finally, Jump Financial LLC bought a new stake in shares of Mereo BioPharma Group during the 4th quarter valued at $39,000. 62.83% of the stock is currently owned by institutional investors.

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.