Mereo BioPharma shares are trading higher after the company reported a year-over-year increase in FY23 EPS results. Also, Needham maintained a Buy rating on the stock and raised its price target from $5 to $6.
Portfolio Pulse from Benzinga Newsdesk
Mereo BioPharma's shares surged following the announcement of improved FY23 EPS results year-over-year. Additionally, Needham reaffirmed a Buy rating on MREO and increased the price target from $5 to $6.
March 28, 2024 | 4:35 pm
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POSITIVE IMPACT
Mereo BioPharma's stock price is likely to experience a positive short-term impact due to improved FY23 EPS results and an upgraded price target by Needham.
The positive earnings report signifies a strong financial performance by Mereo BioPharma, which is a key driver for stock price appreciation. Furthermore, the endorsement from Needham through a Buy rating and a raised price target adds credibility and could attract more investors, pushing the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100