Brokerages Set Mereo BioPharma Group plc – Sponsored ADR (NASDAQ:MREO) PT at $7.40

Shares of Mereo BioPharma Group plc – Sponsored ADR (NASDAQ:MREO) have been given an average recommendation of “Buy” by the five ratings firms that are currently covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $7.40.

A number of research firms have recently issued reports on MREO. JPMorgan Chase & Co. lifted their target price on shares of Mereo BioPharma Group from $7.00 to $8.00 and gave the company an “overweight” rating in a research note on Monday, August 25th. Needham & Company LLC set a $5.00 target price on shares of Mereo BioPharma Group and gave the company a “buy” rating in a research note on Thursday, July 10th. Finally, Wall Street Zen raised shares of Mereo BioPharma Group from a “sell” rating to a “hold” rating in a report on Saturday, August 16th.

Mereo BioPharma Group Trading Up 1.7%

NASDAQ:MREO opened at $1.82 on Friday. Mereo BioPharma Group has a 1 year low of $1.47 and a 1 year high of $4.72. The firm has a 50 day moving average of $1.85 and a 200-day moving average of $2.22. The stock has a market capitalization of $289.38 million, a P/E ratio of -26.00 and a beta of 0.47.

Mereo BioPharma Group (NASDAQ:MREO) last posted its earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The firm had revenue of $0.50 million for the quarter, compared to the consensus estimate of $7.80 million. As a group, analysts forecast that Mereo BioPharma Group will post -0.03 EPS for the current fiscal year.

Institutional Trading of Mereo BioPharma Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Ameriprise Financial Inc. increased its holdings in shares of Mereo BioPharma Group by 187.9% in the fourth quarter. Ameriprise Financial Inc. now owns 94,456 shares of the company’s stock valued at $331,000 after purchasing an additional 61,642 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Mereo BioPharma Group by 109.5% in the first quarter. GAMMA Investing LLC now owns 18,855 shares of the company’s stock valued at $42,000 after purchasing an additional 9,854 shares in the last quarter. Frazier Life Sciences Management L.P. increased its holdings in shares of Mereo BioPharma Group by 53.4% in the first quarter. Frazier Life Sciences Management L.P. now owns 7,819,863 shares of the company’s stock valued at $17,595,000 after purchasing an additional 2,722,084 shares in the last quarter. Avanza Fonder AB increased its holdings in shares of Mereo BioPharma Group by 43.5% in the first quarter. Avanza Fonder AB now owns 28,121 shares of the company’s stock valued at $67,000 after purchasing an additional 8,521 shares in the last quarter. Finally, Tema Etfs LLC acquired a new stake in shares of Mereo BioPharma Group in the fourth quarter valued at approximately $3,117,000. Institutional investors and hedge funds own 62.83% of the company’s stock.

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.