Mereo BioPharma initiated with an Overweight at JPMorgan

JPMorgan initiated coverage of Mereo BioPharma (MREO) with an Overweight rating and $7 price target The company’s company’s current valuation creates an attractive entry point ahead of the setrusumab data readouts in osteogenesis imperfecta, the analyst tells investors in a research note. The firm has “strong conviction in success” for the second interim analysis expected mid-2025 or the final analysis in Q4. With positive data for setrusumab, the shares have the potential to go to the mid-single digits share range, contends JPMorgan.