Mereo BioPharma Group plc (NASDAQ:MREO) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Mereo BioPharma Group plc (NASDAQ:MREO) have earned an average recommendation of “Buy” from the seven analysts that are presently covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a buy rating and three have issued a strong buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $7.83.

Several analysts have commented on the company. Cantor Fitzgerald raised Mereo BioPharma Group to a “strong-buy” rating in a report on Sunday, December 8th. Lifesci Capital initiated coverage on shares of Mereo BioPharma Group in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $10.00 price target on the stock. Jefferies Financial Group started coverage on shares of Mereo BioPharma Group in a report on Friday, December 6th. They set a “buy” rating and a $7.00 price objective on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $7.00 target price on shares of Mereo BioPharma Group in a research report on Monday, January 13th.

Institutional Investors Weigh In On Mereo BioPharma Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Graham Capital Management L.P. lifted its stake in shares of Mereo BioPharma Group by 74.7% in the 4th quarter. Graham Capital Management L.P. now owns 22,189 shares of the company’s stock valued at $78,000 after purchasing an additional 9,490 shares during the last quarter. Newbridge Financial Services Group Inc. acquired a new position in shares of Mereo BioPharma Group in the 4th quarter worth approximately $37,000. Jump Financial LLC purchased a new position in shares of Mereo BioPharma Group during the 4th quarter worth approximately $39,000. Golden State Equity Partners increased its holdings in Mereo BioPharma Group by 247.7% in the 4th quarter. Golden State Equity Partners now owns 22,600 shares of the company’s stock valued at $79,000 after purchasing an additional 16,100 shares during the last quarter. Finally, Sheets Smith Investment Management acquired a new position in Mereo BioPharma Group during the fourth quarter worth $59,000. Institutional investors and hedge funds own 62.83% of the company’s stock.

Mereo BioPharma Group Stock Performance

NASDAQ:MREO opened at $2.86 on Wednesday. Mereo BioPharma Group has a 52 week low of $2.78 and a 52 week high of $5.02. The stock’s 50-day moving average price is $3.21 and its 200-day moving average price is $3.81.

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.