Mereo BioPharma Group's Buy Rating Reaffirmed by Needham & Company

Mereo BioPharma Group (NASDAQ:MREO) has received an updated evaluation from Needham & Company LLC, which has reaffirmed its "buy" rating for the stock. According to a recent research report released on Wednesday to clients and investors, the firm has set a target price of $7.00 per share for Mereo BioPharma. This target represents a potential increase of 209.05% from the stock's previous closing price.

In addition to Needham's assessment, other financial analysts have also reviewed Mereo BioPharma Group's stock recently. For instance, on December 6th, Jefferies Financial Group initiated coverage of the company, assigning it a "buy" rating along with a $7.00 target price. Similarly, Cantor Fitzgerald reaffirmed an "overweight" rating, also setting a $7.00 price objective for the shares in a report dated March 18th. Moreover, Lifesci Capital announced its own coverage of Mereo BioPharma on December 24th, giving the stock an "outperform" rating with a more ambitious target of $10.00. Overall, five analysts have issued buy ratings, while two analysts have given strong buy ratings. As reported by MarketBeat.com, the consensus rating for Mereo BioPharma Group is currently "buy," with an average target price of $7.83.

Recent Performance of Mereo BioPharma Group Stock

On Wednesday, during midday trading, shares of Mereo BioPharma were priced at $2.27, reflecting a decline of $0.09 from the previous day. The trading volume was approximately 299,506 shares, while the average trading volume typically stands around 996,694 shares. Mereo BioPharma's stock has shown a 50-day moving average at $2.76 and a 200-day moving average at $3.52. Over the past year, the stock has recorded a low of $2.25 and a high of $5.02.

The latest earnings results from Mereo BioPharma Group were disclosed on March 26th. The company reported earnings of ($0.01) per share for the quarter, falling short of the anticipated consensus estimate of $0.02 by a margin of ($0.03). Analysts expect that Mereo BioPharma Group will report earnings of -$0.03 per share for the current financial year.

Institutional Investment Activity

Recently, several institutional investors have made significant adjustments to their holdings in Mereo BioPharma Group. For instance, Acuta Capital Partners LLC increased its position by 86.2% during the third quarter, now holding 1,260,700 shares valued at $5,181,000 after purchasing an additional 583,700 shares. Fred Alger Management LLC also boosted its stake in Mereo by 108.1% with a total of 102,582 shares after buying 53,278 shares in the same quarter. Additionally, Janus Henderson Group PLC raised its stake by 56.7%, now owning 12,345,866 shares valued at $50,865,000 after acquiring 4,464,984 more shares. Polar Asset Management Partners Inc. increased its holdings by 36.0%, now owning 198,300 shares worth $815,000. State Street Corporation also entered a new position in Mereo during this period, estimated at about $195,000. Currently, approximately 62.83% of Mereo BioPharma's stock is held by institutional investors.

Company Overview of Mereo BioPharma Group

Mereo BioPharma Group plc is a biopharmaceutical firm that specializes in developing and commercializing treatments for oncology and rare diseases in the United Kingdom, the United States, and beyond. One of its key developments includes Etigilimab (MPH-313), an innovative antibody T-cell immunoreceptor, which is currently undergoing a Phase 1b clinical trial aimed at treating tumors.

stock, analyst, buy