Needham & Company Reiterates Buy Rating on Mereo BipPharma Group (MREO)

Needham & Company analyst Gil Blum reiterated a Buy rating and $10.00 price target on Mereo BipPharma Group (NASDAQ: MREO).

The analyst quotes: "Mereo announced an amendment to the ASTRAEUS Phase II study protocol, following its recent Type C meeting with the FDA. The study now includes two additional biomarker assessments (in addition to change in des/isodes) as primary endpoints: serum neutrophil elastase (NE) activity and Aα-Val360. Blood NE Activity is a direct measure of alvelestat function while Aα-Val360 levels are in direct relationship with disease severity. The combined readout can provide a more nuanced view of the effects of alvelestat in the disease pathology. The ASTRAEUS readout remains on-track for early 2Q:22. By expanding the biomarker picture as a primary readout, Mereo will provide a more qualified and stringent readout from the ASTRAEUS study. If positive, these results will provide a stronger argument for allowing an accelerated approval. The company expects to provide a regulatory update post end-of-Phase-II meeting in 2H:22."

For an analyst ratings summary and ratings history on Mereo BipPharma Group click here. For more ratings news on Mereo BipPharma Group click here.

Shares of Mereo BipPharma Group closed at $1.35 yesterday.

By Vlad Schepkov | [email protected]

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