Steady as she goes, the financial tides of Mereo BioPharma Group plc – Depositary Receipt () (NasdaqCM:MREO) have charted an exciting course. Following the wind, the average one-year price target has set sail, with analysts boosting it to 5.10 per share. This marks a buoyant 17.65% rise from the former estimate set on January 16, 2024.
Plotting the Investment Compass
Casting a glance at the forecasting shore, we see a range of perspectives offered by analysts on this stock. From a low of 4.04 to a high crest of 7.35 per share, the average price target beckons tantalizingly, signifying a 38.78% surge from the most recent closing price of 3.68 per share.
What Does the Fund Sentiment Tell Us?
As the numbers dance on the financial waters, 80 funds or institutions have been pulling up the anchor, reporting positions in Mereo BioPharma Group plc – Depositary Receipt (). This fleet expansion marks an increase of 8 owners or 11.11% in the last quarter. The average portfolio weight across all funds dedicated to MREO now stands at 0.22%, a significant uptick of 72.53%. Institutions have upped anchor, seeing their total shares owned swell by 9.06% to 80,911K shares over the last three months.
Actions of Other Shareholders
Setting their sails higher, Rubric Capital Management has seen its ownership strengthen. With 13,553K shares, representing 9.68% of the company, their prior filing showed ownership of 11,616K shares, highlighting an increase of 14.29%. Similarly, Soleus Capital Management and Mangrove Partners have raised their stakes, each increasing their portfolio allocations vigorously by 117.58% and 153.67% over the last quarter, respectively.
Charting the Company’s Course
Navigating the turbulent waters of the biopharmaceutical industry, Mereo Biopharma sets its sights on horizons of progress. With a portfolio of six clinical stage products, the company’s lead oncology candidate, etigilimab (Anti-TIGIT), has embarked on a Phase 1b/2 study in sync with an anti-PD-1, aiming to improve outcomes in a diverse range of tumors.
As the market sets its sights on Mereo Biopharma’s journey, investors are eyeing scenarios that resemble waves rising and falling. With the tidal forces of the price targets propelling sentiments, the waters remain dynamic for MREO as it charts its financial course.
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This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
