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Mereo BioPharma Group plc (MREO)

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Previous Close3.3300
Open3.3000
Bid3.3500 x 900
Ask3.4100 x 1300
Day's Range3.2100 - 3.4250
52 Week Range1.1200 - 4.7110
Volume697,896
Avg. Volume2,700,724
Market Cap360.457M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-3.3250
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est653.21
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  • Mereo BioPharma to Present at the 20th Annual Needham Virtual Healthcare Conference
    GlobeNewswire

    Mereo BioPharma to Present at the 20th Annual Needham Virtual Healthcare Conference

    LONDON and REDWOOD City, Calif., April 08, 2021 (GLOBE NEWSWIRE) -- Mereo BioPharma Group plc (NASDAQ: MREO) (“Mereo” or the “Company”), a clinical-stage biopharmaceutical company focused on oncology and rare diseases, today announced that Company management will present at the 20th Annual Needham Virtual Healthcare Conference on Monday, April 12, 2021 at 11:00am Eastern Time. A live audio webcast of the presentation can be accessed through the Investors section of the company’s website at www.mereobiopharma.com/investors. An archived replay of the webcast will be available on the company’s website for two weeks following the live presentation. About Mereo BioPharmaMereo 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, ovarian 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 late 2021, and setrusumab for the treatment of osteogenesis imperfecta (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 September 2020, the FDA granted Rare Pediatric Disease designation to setrusumab for the treatment of OI. In December 2020, the Company signed a license and collaboration agreement for setrusumab in OI with Ultragenyx Pharmaceutical Inc. Forward-Looking StatementsThis press release contains “forward-looking statements.” All statements other than statements of historical fact contained in this press release are forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of our operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on the Company’s current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on the Company. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that it anticipates. All of the Company’s forward-looking statements involve known and unknown risks and uncertainties some of which are significant or beyond its control and involve assumptions that could cause actual results to differ materially from the Company’s historical experience and its present expectations or projections. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the Company’s business, including those described in the “Risk Factors” section of its latest Annual Report on Form 20-F, reports on Form 6-K and other documents furnished or filed from time to time by the Company with the SEC. The Company wishes to caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law. Mereo BioPharma Contacts: Mereo+44 (0)333 023 7300 Denise Scots-Knight, Chief Executive Officer Christine Fox, Chief Financial Officer Burns McClellan (Investor Relations Adviser to Mereo)+01 212 213 0006 Lee Roth Investorsinvestors@mereobiopharma.com

  • Mereo BioPharma Reports Full Year 2020 Financial Results and Recent Highlights
    GlobeNewswire

    Mereo BioPharma Reports Full Year 2020 Financial Results and Recent Highlights

    -- Ultragenyx Collaboration and License Agreement for Setrusumab in Osteogenesis Imperfecta ---- Further Strengthened Management Team ---- OncXerna Global Licensing Agreement for Navicixizumab ---- Strengthened Balance Sheet through Public and Private Financings and Business Development Transactions -- LONDON and REDWOOD CITY, Calif., March 31, 2021 (GLOBE NEWSWIRE) -- Mereo BioPharma Group plc (NASDAQ: MREO) (“Mereo” or the “Company”), a clinical-stage biopharmaceutical company focused on oncology and rare diseases, today announced financial results and for the year ended December 31, 2020 and provided an update on recent corporate highlights. “Despite the challenging landscape presented by the ongoing pandemic, this past year has been one of continued execution for Mereo, and I believe that 2020 was a highly successful and exciting year for the Company,” said Dr. Denise Scots-Knight, Chief Executive Officer of Mereo. “We were able to further strengthen our partnering portfolio with licensing agreements for setrusumab and navicixizumab, with significant milestone payments tied to each deal. Our internal pipeline has continued to progress with etigilimab currently in a Phase 1b/2 basket study and alvelestat in a Phase 2 POC study for patients with AATD as well as a Phase 1 study in patients with COVID-19. Since the beginning of 2020, we successfully raised a total of $183 million (£138 million) through a combination of private placements, convertible loan notes and most recently a public offering in February 2021. The proceeds from these financing events, coupled with the upfront payments under the setrusumab and navicixizumab licensing agreements, will fund the continued advancement of our clinical programs and allow us to continue focusing on execution of our clinical and operational development strategies. As we look toward 2021, I believe that the Company is well positioned to deliver on multiple milestones and build upon the momentum we generated in 2020 as we continue to advance to our goal of becoming a leading biopharmaceutical company developing innovative therapeutics to improve outcomes for patients with rare diseases and select oncology indications.” Recent Product Highlights and Developments Etigilimab (OMP-313M32) Initiated Phase 1b/2 basket study in combination with an anti-PD-1 in a range of tumor typesInitial data expected second half 2021 Alvelestat (MPH-966) Ongoing Phase 2 trial in 165 patients with AATDData expected in late 2021Initiated Phase 1 study for the treatment of COVID-19 – data expected second half 2021 Setrusumab (BPS-804) Rare pediatric disease designation in September 2020Announced partnership with Ultragenyx for the development of setrusumab for the treatment of patients with OI in December 2020 Navicixizumab (OMP-305B83) In January 2020 completed a global license agreement with OncXerna Therapeutics (formerly Oncologie, Inc.) for the further development and commercialization of navicixizumab. Corporate Updates Strengthened Management team John Lewicki, PhD appointed Chief Scientific Officer, and Ann Kapoun, PhD appointed SVP Translational R&D, June 2020Christine Fox appointed Chief Financial Officer, and Heidi Petersen appointed SVP Regulatory Affairs, October 2020Suba Krishnan, M.D. appointed Senior Vice President of Clinical Development, November 2020 Delisted From AIM Officially delisted from the AIM market of the London Stock Exchange on December 18, 2020The Company’s American Depositary Shares (“ADSs”) remain listed, and are only tradeable on Nasdaq Upcoming Events Needham Healthcare Conference, April 12-15, 2021Jefferies Healthcare Conference, June 1-4, 2021 Full Year 2020 Financial Results Full year 2020 research and development expenses were £16.3 million, compared to £23.6 million in 2019. R&D expenses relating to setrusumab decreased by £6.0 million, or 44%. The decrease was driven primarily by the completion of the adult Phase 2b study which reported top-line data in November 2019, with a further update in January 2020. Following the licensing and collaboration agreement with Ultragenyx, future ongoing development costs for setrusumab are expected to decrease significantly. R&D expenses relating to alvelestat remained consistent, reflecting the ongoing Phase 2 proof-of-concept study. R&D expenses relating to leflutrozole decreased by £1.0 million, or 88%, due to the completion of the Phase 2b study in 2019 and limited activity in 2020 following the completion of the study. Similarly, there were no ongoing studies for acumapimod in 2020 and this resulted in a decrease in R&D expenses for acumapimod of £0.3 million, or 72%. Partially offsetting the decrease, R&D expenses relating to etigilimab increased by £0.3 million, or 34%. The increase was driven primarily by the costs associated with preparing for the open label Phase 1b/2 basket study in combination with an anti-PD-1 in a range of tumor types. We expect the costs related to the etigilimab program to increase significantly in 2021. Administrative expenses increased by £5.3 million, or 33%, from £15.9 million in 2019 to £21.2 million in 2020. The increase was primarily due to incremental legal and professional fees associated with various transactions during the year. Professional and legal fees increased from £1.7 million to £6.9 million in 2019 and 2020, respectively. The increase reflects transaction costs associated with the June 2020 Private Placement and the cancellation of admission of our ordinary shares to trading on the AIM market of London Stock Exchange in December 2020, along with higher costs associated with the Nasdaq listing and managing a larger business in two jurisdictions following the acquisition of Mereo BioPharma 5, partially offset by intellectual property related costs as a result of lower activity associated with setrusumab. Employee-related costs increased by £1.5 million to £7.3 million in 2020 primarily due to the expansion of our management team in 2020 compared to 2019. Premises-related costs increased by £1.7 million in 2020 primarily due to transaction costs associated with renegotiation of our office lease in Redwood City. This was partially offset by a gain on lease modification of £0.9 million. Offsetting these increases were lower travel-related costs, which decreased by £0.5 million from 2019 due to COVID-19 travel restrictions. Net loss attributable to equity holders for the year 2020 was £163.6 million, compared to a net loss of £34.8 million in 2019, reflecting an operating loss of £37.6 million, a loss of £109.8 million due to changes in the fair value of financial instruments and a £10.9 million loss on disposal of intangible assets. Total ordinary shares outstanding at December 31, 2020 were approximately 339 million shares. Total ADSs outstanding at December 31, 2020 were approximately 67.7 million, with each ADS representing five ordinary shares of the Company. Cash and short-term deposits totaled £23.5 million as of December 31, 2020. Mereo anticipates that its current cash and short-term deposits, which includes the upfront payment received under the collaboration and license agreement with Ultragenyx and our recently completed public offering in February 2021, will extend the Company’s runway into 2024. About Mereo BioPharmaMereo 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, ovarian 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 late 2021, and setrusumab for the treatment of osteogenesis imperfecta (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 September 2020, the FDA granted Rare Pediatric Disease designation to setrusumab for the treatment of OI. In December 2020, the Company signed a license and collaboration agreement for setrusumab in OI with Ultragenyx Pharmaceutical Inc. Forward-Looking StatementsThis press release contains “forward-looking statements.” All statements other than statements of historical fact contained in this press release are forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of our operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on the Company’s current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on the Company. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that it anticipates. All of the Company’s forward-looking statements involve known and unknown risks and uncertainties some of which are significant or beyond its control and involve assumptions that could cause actual results to differ materially from the Company’s historical experience and its present expectations or projections. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the Company’s business, including those described in the “Risk Factors” section of its latest Annual Report on Form 20-F, reports on Form 6-K and other documents furnished or filed from time to time by the Company with the SEC. The Company wishes to caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law. Mereo BioPharma Contacts: Mereo+44 (0)333 023 7300Denise Scots-Knight, Chief Executive Officer Christine Fox, Chief Financial Officer Burns McClellan (Investor Relations Adviser to Mereo)+01 212 213 0006Lee Roth Investorsinvestors@mereobiopharma.com Consolidated Statement of Comprehensive Loss Year endedDecember 31, 202020192018 £’000s£’000s£’000sResearch and development expenses(16,347)(23,608)(22,703)Administrative expenses(21,222)(15,909)(11,775)Operating loss(37,569)(39,517)(34,478)Net income recognized on acquisition of subsidiary–1,035–Finance income44377307Finance costs(6,383)(4,371)(3,807)Changes in the fair value of financial instruments(109,849)875716Loss on disposal of intangible assets(10,872)––Net foreign exchange (loss)/gain(1,821)483(44)Loss before tax(166,450)(41,118)(37,306)Taxation2,8226,2745,277Loss attributable to equity holders of the parent(163,628)(34,844)(32,029)Other comprehensive loss – items that may be reclassified to profit or loss Exchange differences on translation of foreign operations349(499)–Other comprehensive loss, net of tax349(499)–Total comprehensive loss attributable to equity holders of the parent(163,279)(35,343)(32,029)Basic and diluted loss per share(0.48)(0.39)(0.45) Consolidated Balance Sheet Year EndedDecember 31, 20202019Assets£’000s£’000sNon-current assets Property, plant and equipment1,57311,558Intangible assets31,64844,456 33,22156,014Current assets Prepayments1,6192,111R&D tax credits2,81810,426Other taxes recoverable804979Other receivables1,016572Cash and short-term deposits23,46916,347 29,72630,435Total assets62,94786,449Equity and liabilities Non-current liabilities Provisions1,2161,449Interest-bearing loans and borrowings16,1425,373Warrant liability50,775131Other liabilities6244Lease liability1,1589,318 69,35316,315Current liabilities Trade and other payables3,3336,352Accruals4,1785,138Provisions418309Interest-bearing loans and borrowings-15,139Contingent consideration liability-354Lease liability6362,586 8,56529,878Total liabilities77,91846,193Net (liabilities)/assets(14,971)40,256 Equity Issued capital1,017294Share premium161,785121,684Other capital reserves128,37459,147Employee Benefit Trust shares(1,305)(1,305)Other reserves5,0017,000Accumulated loss(309,693)(146,065)Translation reserve(150)(499)Total equity(14,971)40,256

  • Billionaire Ken Griffin Pulls the Trigger on These 2 Penny Stocks
    TipRanks

    Billionaire Ken Griffin Pulls the Trigger on These 2 Penny Stocks

    Risk and reward are the yin and yang of stock trading, the two opposite but essential ingredients in every market success. And there are no stocks that better embody both sides – the risk factors and the reward potentials – than penny stocks. These equities, priced below $5 per share, typically offer high upside potentials. Even a small gain in share price – just a few cents – quickly translates into a high yield return. Of course, the risk is real, too; not every penny stock is going to show these sort of gains, some of them are cheap for a reason, and not every reason is a good one. So, how are investors supposed to distinguish between the long-term winners and those set to come up short? Following the activity of the investing titans is one strategy. Hedge fund manager Ken Griffin, chief of the investment firm Citadel, is one of those titans, having turned his college trading – from a PC in his dorm room – into a multi-billion dollar market giant. A look at Griffin’s performance during the coronavirus crisis shows just how successful he can be. In March of last year, when corona knocked the bottom out of the markets, Griffin’s Citadel still brought in a net positive return of 1.7%. And for the year as a whole, Citadel’s revenues totaled $6.7 billion, almost double the previous high in 2018. Turning to Griffin for inspiration, we took a closer look at two penny stocks Griffin’s Citadel made moves on recently. Using TipRanks’ database to find out what the analyst community has to say, we learned that each ticker boasts Buy ratings and massive upside potential. Abeona Therapeutics (ABEO) We will start with Abeona Therapeutics, a clinical-stage biopharma company focused on gene and cell therapy. This is a cutting edge field, using the latest genome technology to treat genetic diseases by inserting corrected copies of the DNA directly into affected cells. Abeona has seven drug candidates in the pipeline, with EB-101 and ABO-102 being the furthest along, and of most interest to investors. EB-101 is set to begin a Phase III trial as a treatment for Recessive Dystrophic Epidermolysis Bullosa (RDEB). This is a disorder of the connective tissue, leaving sufferers prone to serious skin lesions and wounds. The cause is a genetic defect that leaves patients unable to produce the collagen needed to secure the skin layers. If approved, EB-101 would become the first – and only available – treatment for RDEB. Treatment involves using the drug to transplant the affected gene into the patient’s skin cells, which are then themselves transplanted into affected skin areas. In early phase trials, the drug was well tolerated by patients, who showed distinct improvement up to 2 years after treatment. The Phase III trial is now enrolling patients. ABO-102, the next farthest-along drug candidate, is in a Phase I/II study as a treatment for Sanfilippo Syndrome, a fatal disease of early childhood. The syndrome is currently untreatable, except by supportive care, and affected children typically survive to age 15. ABO-102 is a gene therapy drug given through a one-time IV infusion. It delivers working copies of the affected gene to the child’s central nervous system, allowing the body to naturally correct the enzyme deficiency behind the disease. Both of these drug candidates have received Orphan Drug Designation in the US and Europe, making governmental assistance available for their development. In addition, they have also received the FDA’s Rare Pediatric Disease Designation. Abeona’s drug pipeline and $2.22 share price have scored it substantial praise from the pros on Wall Street. This is the stance taken by Griffin. Increasing its stake in the company by a whopping 181%, Citadel snapped up 1.846 million shares in Q4, which are now worth $4.06 million. 5-star analyst Ram Selvaraju, of H.C. Wainwright, also counts himself as a fan. Selvaraju has recently published two notes on ABEO, focusing on the potential of both EB-101 and ABO-102. Regarding the first, the analyst notes that the “Following the successful completion of the FDA meeting, Abeona is continuing with all necessary steps to enroll the next patient in the VIITAL study and expects to complete enrollment in 2021… In our view, FDA meeting and resultant feedback bode well for Abeona, since the agency appears to be on board with the company's study design and statistical analysis plan for the VIITAL [Phase III] trial…” Turning to ABO-102, Selvaraju said, “In our view, this data is highly intriguing and bears watching to see if it can be confirmed in a larger patient cohort. From our vantage point, preservation of neurocognitive development in young children with MPS IIIA is likely to be the principal efficacy measure that resonates with regulators.” In line with his optimistic view, Selvaraju rates ABEO a Buy along with a $8 price target. Should his thesis play out, a potential twelve-month jump of ~264% could be in the cards. (To watch Selvaraju’s track record, click here) Overall, 2 Buys and no Holds or Sells have been assigned in the last three months. Therefore, the analyst consensus is a Moderate Buy. At $6.50, the average price target puts the upside potential at ~188%. (See ABEO stock analysis on TipRanks) Mereo Biopharma (MREO) The second stock we’re looking at, Mereo, is another biopharma company with a focus on rare diseases. Mereo has a large and diverse pipeline, with six drug candidates in various stages of development. The company’s research programs are looking at treatments for solid tumor cancers, ovarian cancer, and chronic obstructive pulmonary disease, among other severe conditions. Griffin is among those that have high hopes for this healthcare name. Griffin’s Citadel picked up 4.097 million shares in Q4, which are now worth $16.3 million. The biggest news for Mereo was the December 17 announcement of a collaboration and license agreement with the California company Ultragenyx for further development of Setrusumab, a candidate undergoing testing as a treatment for osteogenesis imperfecta, or brittle bone disease. This incurable condition is usually treated with lifestyle changes and exercise. Setrusumab, however, has shown in Phase 2b studies that it can cause dose-dependent increase in bone formation in affected adults. Leerink analyst Joseph Schwartz writes of the Mereo/Ultragenyx partnership: “Although the RARE/MREO deal was unexpected, we are not surprised by the news considering MREO has been looking for a partner and RARE has ample experience developing and launching successful bone agents… We view [the] announcement as a win-win for both RARE and MREO since the two could complement each other’s strengths to bring setrusumab to market.” In light of these comments, Schwartz rates MREO shares as a Buy, and his $8 price target suggests it has a one-year upside of 103%. (To watch Schwartz’s track record, click here) Some stocks fly under the radar, and MREO is one of those. MREO’s is the only recent analyst review of this company, and it is decidedly positive. (See MREO stock analysis on TipRanks) To find good ideas for penny stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.