Zacks Research Upgrades Mereo BioPharma Group (NASDAQ:MREO) to Hold

Mereo BioPharma Group (NASDAQ:MREO) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other equities research analysts also recently issued reports on MREO. BTIG Research reaffirmed a “buy” rating and issued a $1.00 price target on shares of Mereo BioPharma Group in a research report on Tuesday, May 12th. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Mereo BioPharma Group in a research report on Monday, March 23rd. Finally, Lifesci Capital raised Mereo BioPharma Group to a “hold” rating in a research report on Thursday, March 19th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $3.25.

Mereo BioPharma Group Stock Performance

Shares of NASDAQ:MREO opened at $0.31 on Wednesday. The company has a market cap of $49.77 million, a P/E ratio of -6.24 and a beta of 0.33. The stock’s 50-day moving average is $0.30 and its 200-day moving average is $0.67. Mereo BioPharma Group has a 52-week low of $0.20 and a 52-week high of $3.05.

Mereo BioPharma Group (NASDAQ:MREO) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.03). As a group, equities analysts predict that Mereo BioPharma Group will post -0.02 EPS for the current year.

Institutional Investors Weigh In On Mereo BioPharma Group

Several hedge funds have recently made changes to their positions in the stock. 683 Capital Management LLC lifted its stake in shares of Mereo BioPharma Group by 208.2% in the fourth 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 period. EcoR1 Capital LLC lifted its stake in Mereo BioPharma Group by 70.2% during the first quarter. EcoR1 Capital LLC now owns 13,368,855 shares of the company’s stock worth $4,412,000 after purchasing an additional 5,512,389 shares during the period. Bank of America Corp DE lifted its stake in 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 purchasing an additional 8,169,795 shares during the period. 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 during the period. Finally, Aberdeen Group plc lifted its stake in Mereo BioPharma Group by 82.9% during the third quarter. Aberdeen Group plc now owns 5,538,699 shares of the company’s stock worth $11,410,000 after purchasing an additional 2,509,827 shares during the period. Institutional investors own 62.83% of the company’s stock.

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.