JPMorgan Chase & Co. Begins Coverage on Mereo BioPharma Group (NASDAQ:MREO)

Equities research analysts at JPMorgan Chase & Co. began coverage on shares of Mereo BioPharma Group (NASDAQ:MREO) in a research report issued on Thursday,Benzinga reports. The firm set an “overweight” rating and a $7.00 price target on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 195.36% from the company’s current price.

A number of other research analysts also recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a report on Tuesday, March 18th. Jefferies Financial Group started coverage on shares of Mereo BioPharma Group in a report on Friday, December 6th. They issued a “buy” rating and a $7.00 target price for the company. Lifesci Capital initiated coverage on shares of Mereo BioPharma Group in a report on Tuesday, December 24th. They issued an “outperform” rating and a $10.00 price target on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and set a $7.00 price objective on shares of Mereo BioPharma Group in a research note on Wednesday. Six research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $7.71.

Mereo BioPharma Group Stock Up 0.9 %

NASDAQ:MREO opened at $2.37 on Thursday. Mereo BioPharma Group has a 1-year low of $2.22 and a 1-year high of $5.02. The company has a 50-day moving average of $2.74 and a 200 day moving average of $3.52.

Mereo BioPharma Group (NASDAQ:MREO) last announced its quarterly earnings results on Wednesday, March 26th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.03). As a group, analysts expect that Mereo BioPharma Group will post -0.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Mereo BioPharma Group

Hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC boosted its stake in Mereo BioPharma Group by 38.7% in the 4th quarter. Janus Henderson Group PLC now owns 17,122,563 shares of the company’s stock worth $59,843,000 after purchasing an additional 4,776,697 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Mereo BioPharma Group during the fourth quarter worth $3,377,000. Tema Etfs LLC purchased a new stake in shares of Mereo BioPharma Group during the fourth quarter valued at $3,117,000. Frazier Life Sciences Management L.P. increased its position in shares of Mereo BioPharma Group by 15.8% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 5,097,779 shares of the company’s stock valued at $20,952,000 after acquiring an additional 696,408 shares during the period. Finally, Woodline Partners LP purchased a new position in Mereo BioPharma Group in the 4th quarter worth $2,166,000. Institutional investors and hedge funds own 62.83% of the company’s stock.

Mereo BioPharma Group Company Profile

Mereo BioPharma Group plc, a biopharmaceutical company, develops and commercializes therapeutics for the treatment of oncology and rare diseases in the United Kingdom, the United States, and internationally. It develops Etigilimab (MPH-313), an antibody T-cell immunoreceptor with Ig and ITIM domains, which is in Phase 1b clinical trial for the treatment of tumors.