Needham & Company LLC Reaffirms "Buy" Rating for Mereo BioPharma Group (NASDAQ:MREO)

Mereo BioPharma Group (NASDAQ:MREO - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They currently have a $7.00 target price on the stock. Needham & Company LLC's price target would indicate a potential upside of 204.35% from the company's previous close.

A number of other research firms have also recently issued reports on MREO. Jefferies Financial Group started 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 objective on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research report on Tuesday, March 18th. Finally, Lifesci Capital began coverage on shares of Mereo BioPharma Group in a research report on Tuesday, December 24th. They issued an "outperform" rating and a $10.00 price target for the company. Six investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Mereo BioPharma Group currently has an average rating of "Buy" and a consensus target price of $7.71.

Mereo BioPharma Group Stock Performance

Shares of MREO stock traded down $0.11 during mid-day trading on Wednesday, hitting $2.30. The company's stock had a trading volume of 867,534 shares, compared to its average volume of 1,006,163. Mereo BioPharma Group has a 52 week low of $2.22 and a 52 week high of $5.02. The company's fifty day simple moving average is $2.72 and its 200-day simple moving average is $3.48. The company has a market cap of $356.84 million, a PE ratio of -38.33 and a beta of 1.03.

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

Hedge Funds Weigh In On Mereo BioPharma Group

Institutional investors have recently modified their holdings of the business. Newbridge Financial Services Group Inc. purchased a new stake in shares of Mereo BioPharma Group during the 4th quarter valued at $37,000. Jump Financial LLC bought a new stake in Mereo BioPharma Group in the fourth quarter worth about $39,000. Sheets Smith Investment Management purchased a new position in Mereo BioPharma Group in the fourth quarter valued at about $59,000. Virtus ETF Advisers LLC bought a new position in shares of Mereo BioPharma Group during the 4th quarter valued at approximately $67,000. Finally, Avanza Fonder AB purchased a new stake in shares of Mereo BioPharma Group during the 4th quarter worth approximately $69,000. 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.