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

Mereo BioPharma Group plc (NASDAQ:MREO) has been assigned a consensus recommendation of “Buy” from the seven research firms that are presently covering the stock, MarketBeat reports. Five analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $7.83.

A number of equities research analysts recently commented on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research report on Tuesday. Lifesci Capital initiated coverage on Mereo BioPharma Group in a research report on Tuesday, December 24th. They issued an “outperform” rating and a $10.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research report on Monday, January 13th. Finally, Jefferies Financial Group initiated coverage on Mereo BioPharma Group in a report on Friday, December 6th. They issued a “buy” rating and a $7.00 price target for the company.

Mereo BioPharma Group Price Performance

MREO stock opened at $2.53 on Friday. Mereo BioPharma Group has a one year low of $2.25 and a one year high of $5.02. The firm has a 50-day simple moving average of $2.86 and a two-hundred day simple moving average of $3.59.

Institutional Trading of Mereo BioPharma Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MREO. Newbridge Financial Services Group Inc. purchased a new position in shares of Mereo BioPharma Group in the fourth quarter worth about $37,000. Jump Financial LLC purchased a new position in Mereo BioPharma Group during the 4th quarter worth approximately $39,000. Sheets Smith Investment Management acquired a new stake in Mereo BioPharma Group during the 4th quarter valued at approximately $59,000. Virtus ETF Advisers LLC purchased a new stake in shares of Mereo BioPharma Group in the 4th quarter valued at $67,000. Finally, Avanza Fonder AB purchased a new stake in shares of Mereo BioPharma Group in the 4th quarter valued at $69,000. Institutional investors and hedge funds 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.