Mereo BioPharma Group (NASDAQ:MREO) Upgraded by Lifesci Capital to Strong-Buy Rating

Mereo BioPharma Group (NASDAQ:MREO) was upgraded by Lifesci Capital to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

A number of other brokerages also recently weighed in on MREO. Needham & Company LLC reaffirmed a “buy” rating and set a $7.00 price target on shares of Mereo BioPharma Group in a report on Tuesday, November 12th. Jefferies Financial Group initiated coverage on Mereo BioPharma Group in a research note on Friday, December 6th. They set a “buy” rating and a $7.00 target price for the company. Finally, Cantor Fitzgerald upgraded Mereo BioPharma Group to a “strong-buy” rating in a research note on Sunday, December 8th. Four investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Mereo BioPharma Group has an average rating of “Buy” and an average price target of $7.83.

Mereo BioPharma Group Stock Up 12.4 %

MREO opened at $3.81 on Monday. Mereo BioPharma Group has a twelve month low of $3.11 and a twelve month high of $5.02. The company has a 50-day simple moving average of $3.86 and a 200 day simple moving average of $4.02.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Frazier Life Sciences Management L.P. raised its holdings in 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 buying an additional 696,408 shares during the last quarter. State Street Corp acquired a new position in Mereo BioPharma Group in the 3rd quarter valued at approximately $195,000. Polar Asset Management Partners Inc. raised its stake in shares of Mereo BioPharma Group by 36.0% during the third quarter. Polar Asset Management Partners Inc. now owns 198,300 shares of the company’s stock valued at $815,000 after acquiring an additional 52,500 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Mereo BioPharma Group by 56.7% during the third quarter. Janus Henderson Group PLC now owns 12,345,866 shares of the company’s stock worth $50,865,000 after purchasing an additional 4,464,984 shares during the period. Finally, Fred Alger Management LLC grew its stake in shares of Mereo BioPharma Group by 108.1% in the third quarter. Fred Alger Management LLC now owns 102,582 shares of the company’s stock worth $422,000 after purchasing an additional 53,278 shares during the last quarter. 62.83% of the stock is currently owned by institutional investors and hedge funds.

About Mereo BioPharma Group

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.