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

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

Mereo BioPharma Group Stock Up 1.4%

MREO stock opened at $0.25 on Wednesday. The firm has a market cap of $39.27 million, a PE ratio of -4.10 and a beta of 0.24. The business has a 50 day moving average of $0.33 and a 200-day moving average of $0.91. Mereo BioPharma Group has a 12-month low of $0.20 and a 12-month high of $3.05.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. boosted its holdings in 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 worth $4,783,000 after buying an additional 6,068 shares during the period. Woodline Partners LP boosted its holdings in shares of Mereo BioPharma Group by 53.2% in the first quarter. Woodline Partners LP now owns 947,986 shares of the company’s stock worth $2,133,000 after acquiring an additional 329,202 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Mereo BioPharma Group by 62.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,569,100 shares of the company’s stock worth $3,530,000 after acquiring an additional 604,200 shares during the period. XTX Topco Ltd purchased a new position in shares of Mereo BioPharma Group in the second quarter valued at $188,000. Finally, Paloma Partners Management Co bought a new stake in shares of Mereo BioPharma Group during the 2nd quarter valued at $804,000. Hedge funds and other institutional investors own 62.83% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on MREO. Lifesci Capital raised shares of Mereo BioPharma Group to a “hold” rating in a research report on Thursday, March 19th. Needham & Company LLC dropped their price target on shares of Mereo BioPharma Group from $5.00 to $3.00 and set a “buy” rating on the stock in a research report on Tuesday, January 13th. BTIG Research reiterated a “buy” rating and set a $1.00 price target on shares of Mereo BioPharma Group in a research note on Friday, January 16th. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Mereo BioPharma Group in a report on Monday, March 23rd. Finally, Weiss Ratings reissued 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, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus 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.