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

Mereo BioPharma Group (NASDAQ:MREO) released its quarterly earnings results on Thursday. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.02), MarketWatch Earnings reports.

Mereo BioPharma Group Stock Up 1.8 %

NASDAQ MREO opened at $1.43 on Friday. Mereo BioPharma Group has a 12-month low of $0.49 and a 12-month high of $1.77. The firm’s fifty day simple moving average is $1.30 and its two-hundred day simple moving average is $1.14.

Analysts Set New Price Targets

Separately, Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 price target on shares of Mereo BioPharma Group in a report on Wednesday, August 23rd.

Institutional Investors Weigh In On Mereo BioPharma Group

Several institutional investors and hedge funds have recently made changes to their positions in MREO. BlackRock Inc. lifted its stake in shares of Mereo BioPharma Group by 59.2% during the first quarter. BlackRock Inc. now owns 749,601 shares of the company’s stock worth $840,000 after buying an additional 278,729 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Mereo BioPharma Group by 28.6% during the first quarter. Renaissance Technologies LLC now owns 283,800 shares of the company’s stock worth $318,000 after buying an additional 63,200 shares during the period. Bank of America Corp DE lifted its stake in shares of Mereo BioPharma Group by 180.1% during the first quarter. Bank of America Corp DE now owns 199,649 shares of the company’s stock worth $223,000 after buying an additional 128,367 shares during the period. UBS Group AG acquired a new stake in shares of Mereo BioPharma Group during the second quarter worth $45,000. Finally, Centiva Capital LP acquired a new stake in shares of Mereo BioPharma Group during the second quarter worth $28,000. 48.66% of the stock is currently owned by institutional investors and hedge funds.

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 and internationally. Its lead product candidate, etigilimab (OMP-313M32), an antibody T-cell immunoreceptor with Ig and ITIM domains, which is in Phase 1b clinical trial for the treatment of tumors.