Mereo BioPharma Group (NASDAQ:MREO) Releases Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Mereo BioPharma Group (NASDAQ:MREO) announced its quarterly earnings data on Tuesday. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03), Zacks reports.

Mereo BioPharma Group Price Performance

Shares of MREO stock traded down $0.01 during trading hours on Thursday, hitting $0.25. The company had a trading volume of 746,822 shares, compared to its average volume of 6,485,799. The company’s fifty day moving average is $0.33 and its 200 day moving average is $0.90. Mereo BioPharma Group has a fifty-two week low of $0.20 and a fifty-two week high of $3.05. The stock has a market capitalization of $39.74 million, a PE ratio of -4.98 and a beta of 0.24.

Institutional Trading of Mereo BioPharma Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MREO. Schonfeld Strategic Advisors LLC lifted its stake in Mereo BioPharma Group by 251.5% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 6,090,381 shares of the company’s stock worth $2,538,000 after purchasing an additional 4,357,657 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Mereo BioPharma Group by 0.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,125,920 shares of the company’s stock valued at $4,783,000 after buying an additional 6,068 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in shares of Mereo BioPharma Group in the 3rd quarter valued at $3,928,000. Logos Global Management LP lifted its stake in Mereo BioPharma Group by 270.0% during the 4th quarter. Logos Global Management LP now owns 1,850,000 shares of the company’s stock worth $771,000 after acquiring an additional 1,350,000 shares in the last quarter. Finally, Balyasny Asset Management L.P. acquired a new position in Mereo BioPharma Group during the 4th quarter worth about $533,000. Hedge funds and other institutional investors own 62.83% of the company’s stock.

Analysts Set New Price Targets

MREO has been the subject of several analyst reports. Zacks Research cut shares of Mereo BioPharma Group from a “hold” rating to a “strong sell” rating in a research note on Tuesday. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Mereo BioPharma Group in a report on Monday, March 23rd. BTIG Research reiterated a “buy” rating and issued a $1.00 price objective on shares of Mereo BioPharma Group in a research report on Tuesday. Lifesci Capital upgraded Mereo BioPharma Group to a “hold” rating in a research report on Thursday, March 19th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mereo BioPharma Group in a research note on Thursday, January 22nd. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $3.25.

About Mereo BioPharma Group

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.