JPMorgan Chase & Co. Initiates Coverage on Mereo BioPharma Group (NASDAQ:MREO)

JPMorgan Chase & Co. began coverage on shares of Mereo BioPharma Group (NASDAQ:MREO) in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The firm set an “overweight” rating and a $7.00 price target on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 204.35% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Needham & Company LLC reiterated a “buy” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research note on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $7.00 target price on shares of Mereo BioPharma Group in a research report on Tuesday, March 18th. Lifesci Capital began coverage on 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. Finally, 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. Six equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $7.71.

Mereo BioPharma Group Stock Down 4.6 %

MREO stock opened at $2.30 on Thursday. The business has a 50-day moving average of $2.72 and a 200-day moving average of $3.49. Mereo BioPharma Group has a fifty-two week low of $2.22 and a fifty-two week high of $5.02.

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

Institutional Trading of Mereo BioPharma Group

Hedge funds have recently made changes to their positions in the business. Acuta Capital Partners LLC raised its stake in Mereo BioPharma Group by 86.2% in the 3rd quarter. Acuta Capital Partners LLC now owns 1,260,700 shares of the company’s stock valued at $5,181,000 after acquiring an additional 583,700 shares during the period. Fred Alger Management LLC raised its position in shares of Mereo BioPharma Group by 108.1% in the third quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock valued at $422,000 after purchasing an additional 53,278 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Mereo BioPharma Group by 56.7% during the 3rd quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company’s stock worth $50,865,000 after buying an additional 4,464,984 shares during the last quarter. Polar Asset Management Partners Inc. boosted its holdings in shares of Mereo BioPharma Group by 36.0% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 198,300 shares of the company’s stock worth $815,000 after buying an additional 52,500 shares during the period. Finally, State Street Corp acquired a new position in Mereo BioPharma Group in the 3rd quarter valued at about $195,000. 62.83% of the stock is owned by institutional investors and hedge funds.

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.