Mereo BioPharma Group Receives Strong-Buy Upgrade from Lifesci Capital

Mereo BioPharma Group (NASDAQ:MREO) saw its stock rating upgraded to "strong-buy" by Lifesci Capital, according to a report published on Monday. This upgrade is a positive sign for investors looking at the biopharmaceutical sector.

Other analysts have recently provided their assessments regarding Mereo BioPharma Group as well. Needham & Company LLC maintained a "buy" rating with a price target of $7.00 on the shares in a report released on November 12. Furthermore, Jefferies Financial Group initiated their coverage on Mereo BioPharma, giving it a "buy" rating and a target price of $7.00 on December 6. Cantor Fitzgerald also joined the ranks by upgrading Mereo BioPharma to a "strong-buy" rating on December 8. Currently, four investment analysts have issued a buy rating while three rated it as a strong buy. According to MarketBeat.com, Mereo BioPharma Group has an average rating of "Buy" with an average price target of $7.83.

Mereo BioPharma Group Stock Performance

On the trading day this report was released, Mereo BioPharma Group's stock opened at $3.81. Over the last twelve months, the stock has reached a low of $3.11 and a high of $5.02. Recent trends show a 50-day simple moving average at $3.86 and a 200-day simple moving average at $4.02.

Institutional Investments in Mereo BioPharma Group

Recent modifications in institutional holdings have been noteworthy. Frazier Life Sciences Management L.P. increased its stake in Mereo BioPharma Group by 15.8% during the third quarter, bringing its total to 5,097,779 shares valued at approximately $20.95 million after purchasing an additional 696,408 shares. Meanwhile, State Street Corp made a new investment in Mereo BioPharma worth around $195,000. Polar Asset Management Partners Inc. boosted its holdings by 36.0%, acquiring an additional 52,500 shares during this period, resulting in a total of 198,300 shares worth $815,000. Additionally, Janus Henderson Group PLC increased its stake by 56.7%, owning now 12,345,866 shares valued at about $50.87 million after acquiring 4,464,984 shares. Lastly, Fred Alger Management LLC doubled its stake by 108.1%, bringing its total to 102,582 shares worth $422,000. Currently, institutional investors and hedge funds own about 62.83% of the stock in Mereo BioPharma Group.

About Mereo BioPharma Group

Mereo BioPharma Group plc is a biopharmaceutical company focused on developing and commercializing therapeutics targeting oncology and rare diseases across the United Kingdom, the United States, and internationally. Among its projects, it is developing Etigilimab (MPH-313), an antibody T-cell immunoreceptor with Ig and ITIM domains currently in Phase 1b clinical trials for tumor treatment.

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