Mereo BioPharma Group plc (NASDAQ:MREO) Given Consensus Recommendation of “Buy” by Analysts

Shares of Mereo BioPharma Group plc (NASDAQ:MREO) have been assigned a consensus recommendation of “Buy” from the seven ratings firms that are currently covering the company, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $7.83.

MREO has been the subject of a number of recent analyst reports. Cantor Fitzgerald raised shares of Mereo BioPharma Group to a “strong-buy” rating in a research report on Sunday, December 8th. Jefferies Financial Group began coverage on shares of Mereo BioPharma Group in a research note 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 report on Tuesday, December 24th. They issued an “outperform” rating and a $10.00 target price for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $7.00 target price on shares of Mereo BioPharma Group in a research note on Tuesday, November 12th.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of hedge funds have recently added to or reduced their stakes in the business. Frazier Life Sciences Management L.P. raised its holdings in shares of Mereo BioPharma Group by 15.8% during the third quarter. Frazier Life Sciences Management L.P. now owns 5,097,779 shares of the company’s stock worth $20,952,000 after purchasing an additional 696,408 shares during the period. State Street Corp bought a new stake in shares of Mereo BioPharma Group during the 3rd quarter valued at about $195,000. Polar Asset Management Partners Inc. raised its stake in Mereo BioPharma Group by 36.0% during the third quarter. Polar Asset Management Partners Inc. now owns 198,300 shares of the company’s stock worth $815,000 after acquiring an additional 52,500 shares during the period. Janus Henderson Group PLC lifted its holdings in Mereo BioPharma Group by 56.7% in the third quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company’s stock worth $50,865,000 after acquiring an additional 4,464,984 shares during the last quarter. Finally, Fred Alger Management LLC boosted its stake in Mereo BioPharma Group by 108.1% in the third quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock valued at $422,000 after acquiring an additional 53,278 shares during the period. Institutional investors and hedge funds own 62.83% of the company’s stock.

Mereo BioPharma Group Stock Performance

Shares of NASDAQ MREO opened at $3.52 on Tuesday. Mereo BioPharma Group has a fifty-two week low of $3.11 and a fifty-two week high of $5.02. The business has a 50 day moving average price of $3.82 and a two-hundred day moving average price of $4.02.

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.