Mereo BioPharma Group (NASDAQ:MREO) Stock Price Up 5% – What’s Next?

Mereo BioPharma Group plc – Sponsored ADR (NASDAQ:MREO)’s share price rose 5% during mid-day trading on Monday . The stock traded as high as $0.3150 and last traded at $0.3021. 1,304,967 shares were traded during mid-day trading, an increase of 41% from the average daily volume of 924,380 shares. The stock had previously closed at $0.2878.

Analysts Set New Price Targets

Several equities analysts recently weighed in on MREO shares. Weiss Ratings restated a “sell (e+)” rating on shares of Mereo BioPharma Group in a report on Thursday, July 2nd. BTIG Research reiterated a “buy” rating and issued a $1.00 price target on shares of Mereo BioPharma Group in a report on Tuesday, May 12th. Finally, Zacks Research raised Mereo BioPharma Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 10th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.25.

Mereo BioPharma Group Stock Performance

The stock has a fifty day simple moving average of $0.31 and a two-hundred day simple moving average of $0.36. The stock has a market cap of $48.22 million, a PE ratio of -6.04 and a beta of 0.35.

Mereo BioPharma Group (NASDAQ:MREO) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). On average, equities analysts predict that Mereo BioPharma Group plc – Sponsored ADR will post -0.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Mereo BioPharma Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. 683 Capital Management LLC boosted its stake in shares of Mereo BioPharma Group by 208.2% during the 4th quarter. 683 Capital Management LLC now owns 15,025,000 shares of the company’s stock valued at $6,261,000 after buying an additional 10,150,000 shares during the last quarter. Bank of America Corp DE grew its position in shares of Mereo BioPharma Group by 32,048.5% during the first quarter. Bank of America Corp DE now owns 8,195,287 shares of the company’s stock worth $2,704,000 after buying an additional 8,169,795 shares in the last quarter. EcoR1 Capital LLC bought a new stake in shares of Mereo BioPharma Group in the fourth quarter worth $3,274,000. Defilade Capital Management L.P. bought a new stake in shares of Mereo BioPharma Group in the first quarter worth $2,494,000. Finally, Schonfeld Strategic Advisors LLC raised its holdings in Mereo BioPharma Group by 251.5% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 6,090,381 shares of the company’s stock valued at $2,538,000 after acquiring an additional 4,357,657 shares in the last quarter. 62.83% of the stock is owned by hedge funds and other institutional investors.

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.