Mereo BioPharma Group plc (NASDAQ:MREO) Receives $7.83 Average Price Target from Brokerages

Mereo BioPharma Group plc (NASDAQ:MREO) has received a consensus recommendation of “Buy” from the seven ratings firms that are covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a buy recommendation and three have given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $7.83.

A number of analysts recently weighed in on the company. Cantor Fitzgerald upgraded Mereo BioPharma Group to a “strong-buy” rating in a research report on Sunday, December 8th. Lifesci Capital started coverage on shares of Mereo BioPharma Group in a report on Tuesday, December 24th. They issued an “outperform” rating and a $10.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a report on Tuesday, November 12th. Finally, Jefferies Financial Group initiated coverage on shares of Mereo BioPharma Group in a research note on Friday, December 6th. They issued a “buy” rating and a $7.00 price target for the company.

Institutional Investors Weigh In On Mereo BioPharma Group

Large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its holdings 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 worth $25,000 after purchasing an additional 2,887 shares during the period. GAMMA Investing LLC raised its position in Mereo BioPharma Group by 58.1% during the 3rd quarter. GAMMA Investing LLC now owns 10,693 shares of the company’s stock valued at $44,000 after purchasing an additional 3,928 shares during the last quarter. State Street Corp purchased a new stake in Mereo BioPharma Group in the 3rd quarter worth approximately $195,000. GSA Capital Partners LLP bought a new stake in shares of Mereo BioPharma Group in the 3rd quarter worth approximately $276,000. Finally, Fred Alger Management LLC increased its stake in shares of Mereo BioPharma Group by 108.1% during the third quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock valued at $422,000 after buying an additional 53,278 shares during the period. Institutional investors own 62.83% of the company’s stock.

Mereo BioPharma Group Stock Up 9.1 %

Shares of MREO stock opened at $3.73 on Tuesday. The business has a 50-day moving average price of $3.73 and a two-hundred day moving average price of $4.00. Mereo BioPharma Group has a 12-month low of $3.11 and a 12-month high of $5.02.

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, 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.