MREO - Mereo BioPharma falls as price target lowered to $5 at Needham

Needham analyst Chad Messer lowered the firm's price target on Mereo BioPharma (MREO -3.2%) to $5 from $10 after the co. reported "incremental" progress for Etigilimab at ASCO but keeps a Buy rating on the shares. The recent negative readouts from Roche's tiragolumab studies pressured the entire TIGIT space, but those results are likely "immature", and based on etigilimab's early activity in gynecological tumors, he expects the next driver to be a readout from Roche's study of tiragolumab in cervical cancer. Since the start of 2022, Mereo BioPharma shares were down around 67%, and over a period of one year, shares were down around 84%. Wall Street analysts stand with a Strong Buy rating on the stock whereas, Seeking Alpha Quant Rating says to Hold.

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Mereo BioPharma falls as price target lowered to $5 at Needham