Mereo BioPharma price target raised to $7 from $6 at Needham

Needham raised the firm’s price target on Mereo BioPharma to $7 from $6 and keeps a Buy rating on the shares. The company’s Phase II portion of the Orbit study evaluating setrusumab in osteogenesis imperfecta show a stabilized median annualized fracture rate remaining at 0.00 with 14 or more months follow-up – an additional 8 months from the previous update, the analyst tells investors in a research note. Setrusumab remains well-tolerated with no new safety events, and the updated results further de-risk the ongoing pivotal Orbit and Cosmic studies, the firm added.