Mereo BioPharma Group (NASDAQ:MREO) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Mereo BioPharma Group (NASDAQ:MREO - Free Report) in a research report sent to investors on Monday morning,Benzinga reports. Needham & Company LLC currently has a $7.00 price objective on the stock.

Several other research analysts have also commented on the stock. Lifesci Capital initiated 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. Jefferies Financial Group initiated coverage on shares of Mereo BioPharma Group in a research report on Friday, December 6th. They set a "buy" rating and a $7.00 price target on the stock. Finally, Cantor Fitzgerald upgraded shares of Mereo BioPharma Group to a "strong-buy" rating in a report on Sunday, December 8th. Four equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, Mereo BioPharma Group has an average rating of "Buy" and an average price target of $7.83.

Mereo BioPharma Group Stock Performance

Mereo BioPharma Group stock traded down $0.21 during midday trading on Monday, hitting $3.34. 1,977,826 shares of the stock were exchanged, compared to its average volume of 1,277,708. Mereo BioPharma Group has a 1 year low of $3.05 and a 1 year high of $5.02. The company has a 50 day moving average price of $3.68 and a two-hundred day moving average price of $4.00.

Institutional Trading of Mereo BioPharma Group

Several large investors have recently added to or reduced their stakes in the business. Rhumbline Advisers lifted its stake in shares of Mereo BioPharma Group by 70.9% in the second quarter. Rhumbline Advisers now owns 6,958 shares of the company's stock worth $25,000 after buying an additional 2,887 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Mereo BioPharma Group by 5.4% in the 2nd quarter. Renaissance Technologies LLC now owns 1,762,003 shares of the company's stock valued at $6,343,000 after buying an additional 89,694 shares in the last quarter. Rubric Capital Management LP grew its holdings in shares of Mereo BioPharma Group by 12.9% in the 2nd quarter. Rubric Capital Management LP now owns 15,307,347 shares of the company's stock worth $55,106,000 after purchasing an additional 1,754,350 shares during the last quarter. Integral Health Asset Management LLC grew its holdings in Mereo BioPharma Group by 86.8% during the 2nd quarter. Integral Health Asset Management LLC now owns 1,775,000 shares of the company's stock worth $6,390,000 after acquiring an additional 825,000 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in Mereo BioPharma Group during the 2nd quarter worth about $4,119,000. 62.83% of the stock is 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.