Mereo BioPharma Group (NASDAQ:MREO) Price Target Raised to $6.00

Mereo BioPharma Group (NASDAQ:MREO) had its target price hoisted by equities research analysts at Needham & Company LLC from $5.00 to $6.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 100.00% from the company’s current price.

Separately, Cantor Fitzgerald reiterated an “overweight” rating and set a $7.00 price target on shares of Mereo BioPharma Group in a research note on Friday, March 22nd.

Mereo BioPharma Group Stock Up 1.7 %

NASDAQ:MREO opened at $3.00 on Thursday. The firm’s 50 day moving average is $3.55 and its 200 day moving average is $2.50. Mereo BioPharma Group has a 12 month low of $0.69 and a 12 month high of $4.36.

Institutional Trading of Mereo BioPharma Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its stake in Mereo BioPharma Group by 59.2% during the first quarter. BlackRock Inc. now owns 749,601 shares of the company’s stock valued at $840,000 after buying an additional 278,729 shares during the period. Renaissance Technologies LLC raised its stake in Mereo BioPharma Group by 28.6% in the first quarter. Renaissance Technologies LLC now owns 283,800 shares of the company’s stock valued at $318,000 after purchasing an additional 63,200 shares in the last quarter. Bank of America Corp DE lifted its position in Mereo BioPharma Group by 180.1% during the first quarter. Bank of America Corp DE now owns 199,649 shares of the company’s stock valued at $223,000 after purchasing an additional 128,367 shares during the last quarter. UBS Group AG purchased a new position in Mereo BioPharma Group in the 2nd quarter worth approximately $45,000. Finally, Centiva Capital LP purchased a new stake in shares of Mereo BioPharma Group during the 2nd quarter valued at $28,000. Institutional investors 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 and internationally. Its lead product candidate, etigilimab (OMP-313M32), an antibody T-cell immunoreceptor with Ig and ITIM domains, which is in Phase 1b clinical trial for the treatment of tumors.