Mereo BioPharma Group's (MREO) "Buy" Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Mereo BioPharma Group (NASDAQ:MREO - Free Report) in a report released on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $7.00 price target on the stock.

A number of other brokerages also recently weighed in on MREO. JPMorgan Chase & Co. started coverage on shares of Mereo BioPharma Group in a research note on Thursday, March 27th. They issued an "overweight" rating and a $7.00 target price for the company. Cantor Fitzgerald restated 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, Lifesci Capital started coverage on Mereo BioPharma Group in a research report on Tuesday, December 24th. They issued an "outperform" rating and a $10.00 price objective 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's stock. Based on data from MarketBeat, Mereo BioPharma Group has a consensus rating of "Buy" and a consensus price target of $7.71.

Mereo BioPharma Group Trading Up 6.6 %

NASDAQ MREO traded up $0.12 during trading hours on Wednesday, reaching $1.95. 1,152,461 shares of the company's stock were exchanged, compared to its average volume of 1,046,973. The firm has a fifty day moving average of $2.49 and a 200-day moving average of $3.30. Mereo BioPharma Group has a one year low of $1.58 and a one year high of $5.02. The stock has a market cap of $302.53 million, a PE ratio of -32.50 and a beta of 0.71.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MREO. Newbridge Financial Services Group Inc. acquired a new position in Mereo BioPharma Group in the fourth quarter valued at about $37,000. Jump Financial LLC acquired a new stake in shares of Mereo BioPharma Group in the 4th quarter valued at approximately $39,000. GAMMA Investing LLC boosted its stake in Mereo BioPharma Group by 109.5% during the 1st 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 last quarter. Sheets Smith Investment Management acquired a new position in Mereo BioPharma Group during the fourth quarter valued at approximately $59,000. Finally, Virtus ETF Advisers LLC bought a new stake in Mereo BioPharma Group in the fourth quarter valued at approximately $67,000. 62.83% of the stock is currently owned by institutional investors.

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.