Baird lowered the firm’s price target on Mereo BioPharma (MREO) to $1 from $8 and keeps an Outperform rating on the shares after the company announced that neither the ORBIT nor COSMIC study of setrusumab produced a statistically-significant reduction in the key primary endpoint of annualized fracture rate. Given the negative top-line results, the firm is removing its “Fresh Pick” designation and reducing its view of the probability of success for setrusumab in Osteogenesis Imperfecta to 5%, the analyst tells investors.
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