Brokerages Set Mereo BioPharma Group plc (NASDAQ:MREO) Target Price at $7.83

Shares of Mereo BioPharma Group plc (NASDAQ:MREO - Get Free Report) have been given an average recommendation of "Buy" by the seven ratings firms that are currently covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $7.83.

Several brokerages have recently commented on MREO. Lifesci Capital began coverage on shares of Mereo BioPharma Group in a research note on Tuesday, December 24th. They set an "outperform" rating and a $10.00 price target on the stock. Needham & Company LLC reissued a "buy" rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a report on Monday, January 13th. Jefferies Financial Group began coverage on 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 Mereo BioPharma Group to a "strong-buy" rating in a research report on Sunday, December 8th.

Institutional Trading of Mereo BioPharma Group

Institutional investors have recently bought and sold shares of the business. Rhumbline Advisers grew its holdings in Mereo BioPharma Group by 70.9% during the second quarter. Rhumbline Advisers now owns 6,958 shares of the company's stock valued at $25,000 after purchasing an additional 2,887 shares during the period. Marshall Wace LLP bought a new position in shares of Mereo BioPharma Group during the second quarter worth about $4,119,000. Millennium Management LLC boosted its position in Mereo BioPharma Group by 46.9% during the 2nd quarter. Millennium Management LLC now owns 3,201,705 shares of the company's stock worth $11,526,000 after acquiring an additional 1,022,570 shares during the last quarter. Blue Owl Capital Holdings LP acquired a new stake in shares of Mereo BioPharma Group in the second quarter valued at approximately $3,232,000. Finally, Frazier Life Sciences Management L.P. bought a new stake in shares of Mereo BioPharma Group in the second quarter worth $15,845,000. Institutional investors and hedge funds own 62.83% of the company's stock.

Mereo BioPharma Group Stock Performance

MREO traded down $0.19 on Friday, reaching $2.91. 1,050,695 shares of the company traded hands, compared to its average volume of 1,116,422. Mereo BioPharma Group has a 52-week low of $2.80 and a 52-week high of $5.02. The stock's 50 day moving average price is $3.48 and its 200-day moving average price is $3.95.

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.