Mereo BioPharma Group Receives Strong-Buy Upgrade from Lifesci Capital

Mereo BioPharma Group (NASDAQ:MREO) has recently received a notable upgrade from Lifesci Capital, which has assigned a "strong-buy" rating to the company's shares in a report published on Monday. This upgrade is expected to reflect positively on investor sentiment regarding the company's future prospects.

Following Lifesci Capital's report, various other brokerages have also assessed Mereo BioPharma Group's performance. For instance, Needham & Company LLC maintained a "buy" rating and established a price target of $7.00 for the company’s shares in a report issued on Tuesday, November 12th. Additionally, Jefferies Financial Group initiated coverage on the company on Friday, December 6th, with a similar "buy" rating and a target price of $7.00.

Furthermore, Cantor Fitzgerald also upgraded the rating for Mereo BioPharma Group to "strong-buy" in a research note dated Sunday, December 8th. In total, four analysts have classified the stock with a buy rating, while three others have awarded it a strong-buy designation. According to data compiled from MarketBeat.com, Mereo BioPharma Group has an overall average rating of "Buy" alongside an average price target of $7.83.

Mereo BioPharma Group Stock Performance

On Monday, shares of Mereo BioPharma Group opened at $3.81. The stock has experienced fluctuations over the past year, hitting a low of $3.11 and a high of $5.02. Currently, the company has a 50-day simple moving average of $3.86 and a 200-day simple moving average of $4.02, indicating some stability despite the volatility in its stock price.

Institutional Investors and Their Involvement

Institutional investors have been active in modifying their holdings of Mereo BioPharma Group recently. For instance, Frazier Life Sciences Management L.P. increased its stake in the company by 15.8% during the third quarter, now owning 5,097,779 shares valued at approximately $20,952,000 after acquiring an additional 696,408 shares.

In the same period, State Street Corp also acquired a new position in the company, valued at about $195,000. Polar Asset Management Partners Inc. increased its ownership by 36.0%, resulting in a total of 198,300 shares worth around $815,000. Additionally, Janus Henderson Group PLC raised its stake by an impressive 56.7%, acquiring a total of 12,345,866 shares valued at $50,865,000, following the purchase of an extra 4,464,984 shares.

Fred Alger Management LLC similarly grew its stake by 108.1%, now holding 102,582 shares valued at approximately $422,000. Collectively, institutional investors and hedge funds currently own approximately 62.83% of Mereo BioPharma Group's stock.

About Mereo BioPharma Group

Mereo BioPharma Group plc is a biopharmaceutical firm dedicated to developing and commercializing innovative therapeutics for oncology and rare diseases. The company operates in the United Kingdom, the United States, and other international markets. One of its notable development programs includes Etigilimab (MPH-313), which is an antibody T-cell immunoreceptor featuring Ig and ITIM domains currently in Phase 1b clinical trials focused on treating tumors.

Mereo, BioPharma, Stocks