Mereo BioPharma Group (NASDAQ:MREO) Posts Quarterly Earnings Results, Hits Estimates

Mereo BioPharma Group (NASDAQ:MREO) posted its earnings results on Monday. The company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01), Zacks reports. The firm had revenue of $0.80 million during the quarter, compared to analyst estimates of $4.61 million.

Mereo BioPharma Group Trading Up 5.7%

Shares of NASDAQ:MREO traded up $0.02 on Monday, reaching $0.30. 123,396 shares of the company’s stock were exchanged, compared to its average volume of 4,825,919. Mereo BioPharma Group has a twelve month low of $0.20 and a twelve month high of $2.37. The company has a fifty day moving average of $0.31 and a 200-day moving average of $0.33. The company has a market capitalization of $47.75 million, a price-to-earnings ratio of -7.50 and a beta of 0.29.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MREO. BTIG Research reissued a “buy” rating and set a $1.00 price target on shares of Mereo BioPharma Group in a report on Tuesday, August 11th. Needham & Company LLC reaffirmed a “buy” rating on shares of Mereo BioPharma Group in a report on Tuesday, August 11th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Mereo BioPharma Group in a research report on Tuesday, September 29th. Finally, JPMorgan Chase & Co. downgraded Mereo BioPharma Group from a “neutral” rating to an “underweight” rating in a report on Wednesday, August 19th. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $1.67.

About Mereo BioPharma Group

Mereo BioPharma Group plc is a clinical-stage biopharmaceutical company focused on developing therapies for rare diseases and oncology. The company’s research programs are intended to address conditions with significant unmet medical needs, using biologic and small-molecule drug candidates.

Mereo’s lead program is setrusumab, an investigational monoclonal antibody designed to inhibit sclerostin and stimulate bone formation. The therapy is being developed for osteogenesis imperfecta, a rare genetic disorder characterized by fragile bones, through a collaboration with Ultragenyx Pharmaceutical.