Needham & Company LLC Reaffirms Buy Rating for Mereo BioPharma Group (NASDAQ:MREO)

Mereo BioPharma Group (NASDAQ:MREOGet Free Report)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a note issued to investors on Monday,Benzinga reports. They currently have a $7.00 target price on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 128.76% from the company’s current price.

A number of other research analysts have also recently weighed in on the company. Jefferies Financial Group assumed coverage on Mereo BioPharma Group in a research report on Friday, December 6th. They set a “buy” rating and a $7.00 price objective on the stock. Lifesci Capital started coverage on shares of Mereo BioPharma Group in a research note on Tuesday, December 24th. They set an “outperform” rating and a $10.00 target price on the stock. Finally, Cantor Fitzgerald upgraded shares of Mereo BioPharma Group to a “strong-buy” rating in a research report on Sunday, December 8th. Four analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $7.83.

Read Our Latest Report on Mereo BioPharma Group

Mereo BioPharma Group Trading Down 8.4 %

MREO opened at $3.06 on Monday. The firm’s 50 day simple moving average is $3.65 and its two-hundred day simple moving average is $4.00. Mereo BioPharma Group has a 1-year low of $2.91 and a 1-year high of $5.02.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Rhumbline Advisers raised its position in shares of Mereo BioPharma Group by 70.9% during the second quarter. Rhumbline Advisers now owns 6,958 shares of the company’s stock valued at $25,000 after buying an additional 2,887 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Mereo BioPharma Group by 5.4% in the 2nd quarter. Renaissance Technologies LLC now owns 1,762,003 shares of the company’s stock valued at $6,343,000 after acquiring an additional 89,694 shares during the last quarter. Rubric Capital Management LP lifted its stake in Mereo BioPharma Group by 12.9% in the 2nd quarter. Rubric Capital Management LP now owns 15,307,347 shares of the company’s stock worth $55,106,000 after purchasing an additional 1,754,350 shares in the last quarter. Integral Health Asset Management LLC boosted its holdings in shares of Mereo BioPharma Group by 86.8% during the 2nd quarter. Integral Health Asset Management LLC now owns 1,775,000 shares of the company’s stock valued at $6,390,000 after purchasing an additional 825,000 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Mereo BioPharma Group during the second quarter valued at about $4,119,000. 62.83% of the stock is owned by hedge funds and other institutional investors.

Mereo BioPharma Group Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Mereo BioPharma Group (NASDAQ:MREO)

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