Fintel reports that on May 26, 2023, Needham reiterated coverage of Mereo Biopharma Group Plc – ADR (NASDAQ:MREO) with a Buy recommendation.
Analyst Price Forecast Suggests 313.08% Upside
As of May 11, 2023, the average one-year price target for Mereo Biopharma Group Plc – ADR is 4.42. The forecasts range from a low of 4.04 to a high of $5.25. The average price target represents an increase of 313.08% from its latest reported closing price of 1.07.
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The projected annual revenue for Mereo Biopharma Group Plc – ADR is 0MM, a decrease of �%. The projected annual non-GAAP EPS is -0.01.
What is the Fund Sentiment?
There are 71 funds or institutions reporting positions in Mereo Biopharma Group Plc – ADR. This is a decrease of 3 owner(s) or 4.05% in the last quarter. Average portfolio weight of all funds dedicated to MREO is 0.05%, a decrease of 13.36%. Total shares owned by institutions decreased in the last three months by 14.36% to 63,035K shares. The put/call ratio of MREO is 0.01, indicating a bullish outlook.
What are Other Shareholders Doing?
Rubric Capital Management holds 10,366K shares representing 8.31% ownership of the company. No change in the last quarter.
Orbimed Advisors holds 7,748K shares representing 6.21% ownership of the company. In it’s prior filing, the firm reported owning 10,606K shares, representing a decrease of 36.88%. The firm decreased its portfolio allocation in MREO by 29.34% over the last quarter.
Suvretta Capital Management holds 7,364K shares representing 5.90% ownership of the company. No change in the last quarter.
Rock Springs Capital Management holds 6,245K shares representing 5.01% ownership of the company. No change in the last quarter.
Citadel Advisors holds 3,048K shares representing 2.44% ownership of the company. In it’s prior filing, the firm reported owning 3,062K shares, representing a decrease of 0.47%. The firm decreased its portfolio allocation in MREO by 23.36% over the last quarter.
Mereo Biopharma Group Background Information
(This description is provided by the company.)
Mereo BioPharma is a biopharmaceutical company focused on the development and commercialization of innovative therapeutics that aim to improve outcomes for oncology and rare diseases. The Company has developed a portfolio of six clinical stage product candidates. Mereo’s lead oncology product candidate, etigilimab (Anti-TIGIT), has recently advanced into an open label Phase 1b/2 basket study evaluating Anti-TIGIT in combination with an anti-PD-1 in a range of tumor types including three rare tumors and a number of gynecological carcinomas including cervical and endometrial carcinomas. The Company’s second oncology product, navicixizumab, for the treatment of late line ovarian cancer, has completed a Phase 1 study and has been partnered with OncXerna Therapeutics, Inc., formerly Oncologie, Inc. The Company has two rare disease product candidates: alvelestat for the treatment of severe Alpha-1 antitrypsin deficiency (AATD), which is being investigated in an ongoing Phase 2 proof-of-concept study in the U.S. and Europe, for which the Company expects to report top line data in the second half of 2021, and setrusumab for the treatment of osteogenesis imperfecta (OI). In September 2020, the FDA granted Rare Pediatric Disease designation to setrusumab for the treatment of OI. Following the completion of the Company’s Phase 2b ASTEROID study, the Company met with both the FDA and the European Medicines Agency (EMA) to discuss the principles of a design of a single Phase 2/3 registrational pediatric study in OI. In December 2020, the Company signed a license and collaboration agreement for setrusumab in OI with Ultragenyx Pharmaceutical Inc.
This story originally appeared on Fintel.
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