Brokerages Set Mereo BioPharma Group plc (NASDAQ:MREO) Target Price at $7.83

Mereo BioPharma Group plc (NASDAQ:MREO) has received a consensus rating of “Buy” from the seven brokerages that are covering the company, Marketbeat reports. Four investment analysts have rated the stock with a buy rating and three have issued a strong buy rating on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $7.83.

MREO has been the topic of a number of research analyst reports. Jefferies Financial Group began coverage on shares of Mereo BioPharma Group in a research report on Friday, December 6th. They set a “buy” rating and a $7.00 price objective on the stock. Lifesci Capital assumed coverage on shares of Mereo BioPharma Group in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $10.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and set a $7.00 target price on shares of Mereo BioPharma Group in a research report on Tuesday, November 12th. Finally, Cantor Fitzgerald raised Mereo BioPharma Group to a “strong-buy” rating in a research report on Sunday, December 8th.

Mereo BioPharma Group Price Performance

Mereo BioPharma Group stock opened at $3.42 on Tuesday. Mereo BioPharma Group has a 52-week low of $3.11 and a 52-week high of $5.02. The firm has a 50-day moving average price of $3.76 and a two-hundred day moving average price of $4.01.

Institutional Trading of Mereo BioPharma Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Deerfield Management Company L.P. Series C acquired a new position in shares of Mereo BioPharma Group during the second quarter valued at $24,158,000. Janus Henderson Group PLC lifted its position in Mereo BioPharma Group by 56.7% during the 3rd quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company’s stock valued at $50,865,000 after purchasing an additional 4,464,984 shares during the period. Frazier Life Sciences Management L.P. bought a new position in shares of Mereo BioPharma Group in the 2nd quarter valued at about $15,845,000. Rubric Capital Management LP boosted its stake in shares of Mereo BioPharma Group by 12.9% in the 2nd quarter. Rubric Capital Management LP now owns 15,307,347 shares of the company’s stock valued at $55,106,000 after purchasing an additional 1,754,350 shares during the last quarter. Finally, Perceptive Advisors LLC acquired a new stake in shares of Mereo BioPharma Group during the 2nd quarter worth approximately $4,512,000. 62.83% of the stock is currently 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.