Mereo BioPharma Group (NASDAQ:MREO) Earns Overweight Rating from Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. initiated coverage on shares of Mereo BioPharma Group (NASDAQ:MREO - Free Report) in a report issued on Thursday, MarketBeat.com reports. The brokerage issued an overweight rating and a $7.00 price target on the stock.

Several other research analysts have also recently weighed in on the stock. Lifesci Capital began coverage on shares of Mereo BioPharma Group in a report on Tuesday, December 24th. They issued an "outperform" rating and a $10.00 price target for the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $7.00 target price on shares of Mereo BioPharma Group in a research note on Wednesday, March 26th. Cantor Fitzgerald reiterated an "overweight" rating and set a $7.00 target price on shares of Mereo BioPharma Group in a report on Tuesday, March 18th. Finally, Jefferies Financial Group assumed coverage on Mereo BioPharma Group in a report on Friday, December 6th. They issued a "buy" rating and a $7.00 price target on the stock. Six research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $7.71.

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Mereo BioPharma Group Stock Performance

MREO stock traded down $0.10 during midday trading on Thursday, hitting $2.21. 694,779 shares of the company's stock were exchanged, compared to its average volume of 1,005,085. Mereo BioPharma Group has a one year low of $2.16 and a one year high of $5.02. The company has a market cap of $342.10 million, a PE ratio of -36.58 and a beta of 1.03. The stock's fifty day moving average price is $2.72 and its 200-day moving average price is $3.48.

Mereo BioPharma Group (NASDAQ:MREO - Get Free Report) last released its quarterly earnings results on Wednesday, March 26th. The company reported ($0.01) EPS for the quarter, missing analysts' consensus estimates of $0.02 by ($0.03). On average, analysts expect that Mereo BioPharma Group will post -0.03 EPS for the current year.

Hedge Funds Weigh In On Mereo BioPharma Group

Hedge funds have recently modified their holdings of the stock. Acuta Capital Partners LLC raised its holdings in Mereo BioPharma Group by 86.2% during the third quarter. Acuta Capital Partners LLC now owns 1,260,700 shares of the company's stock worth $5,181,000 after acquiring an additional 583,700 shares in the last quarter. Fred Alger Management LLC raised its stake in shares of Mereo BioPharma Group by 108.1% during the 3rd quarter. Fred Alger Management LLC now owns 102,582 shares of the company's stock worth $422,000 after purchasing an additional 53,278 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Mereo BioPharma Group by 56.7% in the 3rd quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company's stock valued at $50,865,000 after buying an additional 4,464,984 shares during the last quarter. Polar Asset Management Partners Inc. boosted its holdings in shares of Mereo BioPharma Group by 36.0% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 198,300 shares of the company's stock valued at $815,000 after buying an additional 52,500 shares during the last quarter. Finally, State Street Corp bought a new position in shares of Mereo BioPharma Group in the third quarter valued at $195,000. Institutional investors own 62.83% of the company's stock.

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.