Lifesci Capital Upgrades Mereo BioPharma Group to Strong-Buy Rating

Mereo BioPharma Group (NASDAQ:MREO) received an upgrade to a "strong-buy" rating from Lifesci Capital, as reported in a recent release on Monday. This upgrade reflects positive sentiment around the stock's potential for growth.

Other investment firms have also given their opinions about Mereo BioPharma Group's stock recently. Needham & Company LLC reaffirmed a "buy" rating and set a price target of $7.00 in a report dated November 12th. Jefferies Financial Group initiated coverage of Mereo on December 6th and established a "buy" rating with the same $7.00 target price. Additionally, Cantor Fitzgerald also raised the rating to "strong-buy" on December 8th. In total, four analysts have rated Mereo BioPharma with a "buy" rating, while three have indicated it as a strong buy. According to MarketBeat.com, the average rating for Mereo BioPharma Group is "Buy," with an average price target of $7.83.

Mereo BioPharma Group Stock Performance

On Monday, shares of Mereo BioPharma opened at $3.81. Over the past year, the stock has fluctuated between a low of $3.11 and a high of $5.02. As of now, Mereo BioPharma has a 50-day simple moving average of $3.86 and a 200-day simple moving average of $4.02.

Institutional Investors' Activity

Recently, several institutional investors have made changes to their holdings in Mereo BioPharma Group. Frazier Life Sciences Management L.P. increased its holdings by 15.8% in the third quarter, now owning 5,097,779 shares valued at $20,952,000 after acquiring an additional 696,408 shares. State Street Corp also acquired a new position in the third quarter valued at around $195,000. Furthermore, Polar Asset Management Partners Inc. raised its stake by 36.0%, owning 198,300 shares worth $815,000 after increasing its shares by 52,500. Janus Henderson Group PLC boosted its holdings by 56.7%, bringing its total to 12,345,866 shares valued at $50,865,000. Fred Alger Management LLC also grew its stake by 108.1%, holding 102,582 shares worth $422,000. Overall, around 62.83% of Mereo's stock is owned by institutional investors and hedge funds.

About Mereo BioPharma Group

Mereo BioPharma Group plc is a biopharmaceutical company focused on developing and commercializing therapies for oncology and rare diseases. It operates in the UK, the US, and internationally. A notable product under development is Etigilimab (MPH-313), intended for treating tumors and is currently in Phase 1b clinical trials.

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