Mereo BioPharma Group (NASDAQ:MREO) Issues Quarterly Earnings Results

Mereo BioPharma Group (NASDAQ:MREO) released its earnings results on Tuesday. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.04), FiscalAI reports.

Mereo BioPharma Group Stock Performance

Mereo BioPharma Group stock opened at $0.34 on Tuesday. Mereo BioPharma Group has a fifty-two week low of $0.20 and a fifty-two week high of $2.37. The firm has a market capitalization of $54.75 million, a price-to-earnings ratio of -6.86 and a beta of 0.36. The stock’s fifty day moving average is $0.31 and its two-hundred day moving average is $0.34.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MREO shares. BTIG Research restated a “buy” rating and issued a $1.00 price target on shares of Mereo BioPharma Group in a research note on Tuesday, May 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Mereo BioPharma Group in a report on Thursday, July 2nd. Finally, Zacks Research upgraded shares of Mereo BioPharma Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 10th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Mereo BioPharma Group currently has an average rating of “Hold” and an average price target of $3.25.

Institutional Investors Weigh In On Mereo BioPharma Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Schonfeld Strategic Advisors LLC increased its holdings in Mereo BioPharma Group by 251.5% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 6,090,381 shares of the company’s stock valued at $2,538,000 after acquiring an additional 4,357,657 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Mereo BioPharma Group by 0.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,125,920 shares of the company’s stock valued at $4,783,000 after purchasing an additional 6,068 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in shares of Mereo BioPharma Group in the third quarter valued at approximately $3,928,000. Logos Global Management LP grew its position in shares of Mereo BioPharma Group by 270.0% in the fourth quarter. Logos Global Management LP now owns 1,850,000 shares of the company’s stock valued at $771,000 after purchasing an additional 1,350,000 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Mereo BioPharma Group during the 4th quarter worth approximately $533,000. 62.83% of the stock is currently owned by hedge funds and other institutional investors.

Mereo BioPharma Group Company Profile

Mereo BioPharma Group plc is a clinical‐stage biopharmaceutical company focused on developing novel therapies for rare diseases, oncology and severe respiratory conditions. The company pursues an asset‐centric model, in which it in-licenses or acquires clinical-stage small molecules and monoclonal antibodies with established safety profiles. By concentrating resources on a select number of programs, Mereo aims to accelerate proof-of-concept studies and maximize the potential value of each therapeutic candidate.

Mereo’s pipeline includes investigational therapies for skeletal disorders, such as setrusumab (BPS-804) for osteogenesis imperfecta, and treatments for acute and chronic respiratory diseases.