Mereo BioPharma Group plc (NASDAQ:MREO) Receives $7.83 Consensus PT from Brokerages

Shares of Mereo BioPharma Group plc (NASDAQ:MREO) have been given an average rating of “Buy” by the seven research firms that are presently covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $7.83.

A number of research firms have recently commented on MREO. Cantor Fitzgerald upgraded Mereo BioPharma Group to a “strong-buy” rating in a research note on Sunday, December 8th. Jefferies Financial Group assumed coverage on Mereo BioPharma Group in a research report on Friday, December 6th. They set a “buy” rating and a $7.00 price objective 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 report on Tuesday, November 12th. Finally, Lifesci Capital began coverage on shares of Mereo BioPharma Group in a research report on Tuesday, December 24th. They set an “outperform” rating and a $10.00 price target for the company.

Mereo BioPharma Group Price Performance

MREO stock opened at $3.73 on Tuesday. The firm has a 50-day moving average of $3.73 and a 200 day moving average of $4.00. Mereo BioPharma Group has a 1 year low of $3.11 and a 1 year high of $5.02.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of hedge funds have recently bought and sold shares of MREO. Deerfield Management Company L.P. Series C purchased a new position in Mereo BioPharma Group in the second quarter worth about $24,158,000. Janus Henderson Group PLC increased its position in shares of Mereo BioPharma Group by 56.7% during the third quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company’s stock valued at $50,865,000 after acquiring an additional 4,464,984 shares in the last quarter. Frazier Life Sciences Management L.P. purchased a new position in Mereo BioPharma Group in the 2nd quarter worth approximately $15,845,000. Rubric Capital Management LP lifted its position in 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 valued at $55,106,000 after acquiring an additional 1,754,350 shares in the last quarter. Finally, Perceptive Advisors LLC purchased a new stake in Mereo BioPharma Group during the 2nd quarter valued at $4,512,000. Institutional investors own 62.83% of the company’s stock.

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.