Mereo BioPharma Group (NASDAQ:MREO) Posts Quarterly Earnings Results, Hits Expectations

Mereo BioPharma Group (NASDAQ:MREO) posted its quarterly earnings results on Monday. The company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01), Zacks reports. The company had revenue of $0.80 million during the quarter, compared to analysts’ expectations of $4.61 million.

Mereo BioPharma Group Stock Up 6.0%

Mereo BioPharma Group stock traded up $0.02 during trading hours on Monday, hitting $0.30. The stock had a trading volume of 150,418 shares, compared to its average volume of 4,826,381. The stock’s 50-day moving average price is $0.31 and its 200-day moving average price is $0.33. The stock has a market capitalization of $47.91 million, a P/E ratio of -7.50 and a beta of 0.29. Mereo BioPharma Group has a 12-month low of $0.20 and a 12-month high of $2.37.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. cut Mereo BioPharma Group from a “neutral” rating to an “underweight” rating in a research note on Wednesday, August 19th. BTIG Research reissued a “buy” rating and issued a $1.00 target price on shares of Mereo BioPharma Group in a research note on Tuesday, August 11th. Needham & Company LLC restated a “buy” rating on shares of Mereo BioPharma Group in a report on Tuesday, August 11th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Mereo BioPharma Group in a report on Tuesday, September 29th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Mereo BioPharma Group has an average rating of “Hold” and an average target price of $1.67.

About Mereo BioPharma Group

Mereo BioPharma Group plc is a clinical-stage biopharmaceutical company focused on developing therapies for rare diseases and oncology. The company’s research programs are intended to address conditions with significant unmet medical needs, using biologic and small-molecule drug candidates.

Mereo’s lead program is setrusumab, an investigational monoclonal antibody designed to inhibit sclerostin and stimulate bone formation. The therapy is being developed for osteogenesis imperfecta, a rare genetic disorder characterized by fragile bones, through a collaboration with Ultragenyx Pharmaceutical.