Needham & Company LLC Cuts Mereo BioPharma Group (NASDAQ:MREO) Price Target to $3.00

Mereo BioPharma Group (NASDAQ:MREO) had its price objective trimmed by Needham & Company LLC from $5.00 to $3.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

MREO has been the topic of a number of other research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mereo BioPharma Group in a report on Wednesday, October 8th. Lifesci Capital lowered Mereo BioPharma Group from an “outperform” rating to a “hold” rating in a research note on Monday, December 29th. Jefferies Financial Group downgraded Mereo BioPharma Group from a “buy” rating to a “hold” rating in a research note on Tuesday, December 30th. Wall Street Zen downgraded shares of Mereo BioPharma Group from a “hold” rating to a “sell” rating in a research note on Saturday, January 3rd. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Mereo BioPharma Group in a research report on Monday, December 29th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $4.00.

Mereo BioPharma Group Stock Down 6.4%

MREO stock opened at $0.67 on Tuesday. The company’s 50-day moving average price is $1.56 and its two-hundred day moving average price is $1.79. The firm has a market cap of $106.70 million, a P/E ratio of -11.18 and a beta of 0.42. Mereo BioPharma Group has a 12 month low of $0.20 and a 12 month high of $3.26.

Mereo BioPharma Group (NASDAQ:MREO) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.01) earnings per share for the quarter. Equities analysts predict that Mereo BioPharma Group will post -0.03 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Aberdeen Group plc raised its holdings in Mereo BioPharma Group by 82.9% in the 3rd quarter. Aberdeen Group plc now owns 5,538,699 shares of the company’s stock valued at $11,410,000 after buying an additional 2,509,827 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in Mereo BioPharma Group in the 3rd quarter valued at approximately $3,928,000. Frazier Life Sciences Management L.P. raised its stake in shares of Mereo BioPharma Group by 20.7% during the second quarter. Frazier Life Sciences Management L.P. now owns 9,440,112 shares of the company’s stock valued at $25,583,000 after acquiring an additional 1,620,249 shares during the last quarter. Blue Owl Capital Holdings LP bought a new position in shares of Mereo BioPharma Group during the third quarter valued at $2,575,000. Finally, Schonfeld Strategic Advisors LLC lifted its holdings in shares of Mereo BioPharma Group by 90.5% during the third quarter. Schonfeld Strategic Advisors LLC now owns 1,732,724 shares of the company’s stock worth $3,569,000 after purchasing an additional 823,084 shares during the period. Institutional investors and hedge funds own 62.83% of the company’s stock.

Mereo BioPharma Group Company Profile

Mereo BioPharma Group plc is a clinical‐stage biopharmaceutical company focused on developing novel therapies for rare diseases, oncology and severe respiratory conditions. The company pursues an asset‐centric model, in which it in-licenses or acquires clinical-stage small molecules and monoclonal antibodies with established safety profiles. By concentrating resources on a select number of programs, Mereo aims to accelerate proof-of-concept studies and maximize the potential value of each therapeutic candidate.

Mereo’s pipeline includes investigational therapies for skeletal disorders, such as setrusumab (BPS-804) for osteogenesis imperfecta, and treatments for acute and chronic respiratory diseases.