Mereo Biopharma Group PLC (NASDAQ: MREO) was a big gainer in yesterday’s trading session. The stock rallied in the day and closed with gains of 95.45%. This came after a report showing that analysts were turning bullish on the stock. Zacks Investment Research raised its rating of the stock from sell to hold. Several other firms updated their outlook, with Svb Leerink holding its outperform outlook for the stock. This comes just two months after the company demonstrated dose-dependent bone-building and fracture reduction in its phase 2b ASTEROID study.
The company announced that, as measured by DXA, areal bone mineral density (BMD) reached 8.8% as measured at 12 months in its highest dose cohort. On top of that, the company recorded an improvement that cut across all OI subtypes of the study.
It also noted that, the primary goal of the study was to trigger a change in the Trabecular Volumetric Bone Mineral Density, over a 12-month period, when measured by a high resolution quantitative computed tomography. It observed that, there was an unexpectedly high level of heterogeneity of the patients under study, in terms of trabecular bone values within the wrist area. As a consequence, it meant that the primary end goal of the study was not met on all dose levels.
However, the company announced that the study did meet its secondary endpoint of an increase in areal bone mineral density around the lumbar spine, when observed at 6 months and at a year. It also noted an increase in areal BMD cut across all OI types.
Looking at its price action, MREO was in a breakout in yesterday’s session. The stock traded between a low of $1.13 and a high of $2.37 before closing the day at $2.15. Volumes in the day stood at 1.83 million.
About Mereo Biopharma Group Inc
Mereo Biopharma Group Inc is a biopharma company that develops treatments for rare diseases. It is based in London, United Kingdom.