SVB Leerink Raises Mereo BioPharma Group (NASDAQ:MREO) Price Target to $8.00

Mereo BioPharma Group (NASDAQ:MREO) had its target price hoisted by research analysts at SVB Leerink from $6.00 to $8.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. SVB Leerink’s target price indicates a potential upside of 101.01% from the company’s previous close.

A number of other brokerages also recently issued reports on MREO. Robert W. Baird began coverage on shares of Mereo BioPharma Group in a research note on Thursday, June 13th. They issued an “outperform” rating and a $8.00 price target for the company. Baird R W upgraded shares of Mereo BioPharma Group to a “strong-buy” rating in a research note on Thursday, June 13th. Needham & Company LLC lifted their price target on shares of Mereo BioPharma Group from $6.00 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, June 12th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research note on Wednesday, June 12th. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $7.50.

Mereo BioPharma Group Price Performance

NASDAQ MREO opened at $3.98 on Thursday. The firm has a 50 day simple moving average of $3.19 and a 200-day simple moving average of $3.12. Mereo BioPharma Group has a one year low of $1.07 and a one year high of $4.50.

Mereo BioPharma Group (NASDAQ:MREO) last posted its quarterly earnings data on Wednesday, May 15th. The company reported ($0.01) EPS for the quarter. Equities research analysts expect that Mereo BioPharma Group will post 0.03 earnings per share for the current year.

Insider Activity

In other news, insider Alexandra Hughes-Wilson sold 100,432 shares of Mereo BioPharma Group stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $2.97, for a total value of $298,283.04. Following the transaction, the insider now directly owns 32,568 shares of the company’s stock, valued at approximately $96,726.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.13% of the company’s stock.

Hedge Funds Weigh In On Mereo BioPharma Group

Institutional investors have recently bought and sold shares of the company. NEOS Investment Management LLC increased its stake in Mereo BioPharma Group by 751.5% in the 4th quarter. NEOS Investment Management LLC now owns 351,905 shares of the company’s stock valued at $813,000 after buying an additional 310,577 shares during the period. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Mereo BioPharma Group during the 3rd quarter worth $1,032,000. abrdn plc purchased a new stake in shares of Mereo BioPharma Group during the 4th quarter worth $3,583,000. 683 Capital Management LLC boosted its position in shares of Mereo BioPharma Group by 11.1% during the 3rd quarter. 683 Capital Management LLC now owns 6,000,000 shares of the company’s stock worth $7,740,000 after purchasing an additional 600,000 shares in the last quarter. Finally, Rubric Capital Management LP boosted its position in shares of Mereo BioPharma Group by 16.7% during the 4th quarter. Rubric Capital Management LP now owns 13,552,997 shares of the company’s stock worth $31,307,000 after purchasing an additional 1,936,877 shares in the last quarter. 62.83% of the stock is owned by institutional investors and hedge funds.

Mereo BioPharma Group Company Profile

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.