Mereo BioPharma Group (NASDAQ:MREO) Earns Overweight Rating from Analysts at JPMorgan Chase & Co.

Stock analysts at JPMorgan Chase & Co. began coverage on shares of Mereo BioPharma Group (NASDAQ:MREO) in a research report issued on Thursday, MarketBeat reports. The brokerage set an “overweight” rating and a $7.00 price target on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 204.35% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and set a $7.00 price target on shares of Mereo BioPharma Group in a research report on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a report on Tuesday, March 18th. Jefferies Financial Group began coverage on 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. Finally, Lifesci Capital initiated coverage on shares of Mereo BioPharma Group in a research note on Tuesday, December 24th. They set an “outperform” rating and a $10.00 price objective on the stock. Six investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $7.71.

Mereo BioPharma Group Price Performance

Shares of Mereo BioPharma Group stock opened at $2.30 on Thursday. The firm has a 50-day moving average of $2.72 and a 200-day moving average of $3.49. Mereo BioPharma Group has a 52-week low of $2.22 and a 52-week high of $5.02.

Mereo BioPharma Group (NASDAQ:MREO) last posted its quarterly earnings data on Wednesday, March 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). As a group, equities analysts forecast that Mereo BioPharma Group will post -0.03 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MREO. Janus Henderson Group PLC lifted its holdings in shares of Mereo BioPharma Group by 38.7% in the fourth quarter. Janus Henderson Group PLC now owns 17,122,563 shares of the company’s stock worth $59,843,000 after acquiring an additional 4,776,697 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Mereo BioPharma Group in the 4th quarter valued at approximately $3,377,000. Tema Etfs LLC acquired a new stake in Mereo BioPharma Group in the fourth quarter valued at approximately $3,117,000. Frazier Life Sciences Management L.P. grew its stake 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 buying an additional 696,408 shares during the last quarter. Finally, Woodline Partners LP acquired a new position in shares of Mereo BioPharma Group during the fourth quarter worth $2,166,000. Institutional investors own 62.83% of the company’s stock.

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.