Mereo BipPharma Group (MREO) PT Raised to $6 at Needham on increased 'launch expectations for setrusumab in OI'

Needham analyst Gil Blum raised the price target on Mereo BipPharma Group (NASDAQ: MREO) to $6.00 (from $5.00) while maintaining a Buy rating.

The analyst commented: 'Enrollment in the pivotal Orbit study of setrusumab in OI is on track for completion in 1Q:24. Complete enrollment for Cosmic (ages 2-6) is guided for 1H:24 (updated from 1Q:24). Mereo is proactively discussing reimbursement with payers and has identified ~10K patients across the EU5 that may benefit from setrusumab. Mereo had previously reached alignment with the FDA on using SGRQ Total Score as the primary endpoint for the pivotal study of alvelestat. A proposed pivotal study design for alvelestat will be submitted in 1H:24. The study is planned to commence by YE:24, gated on finding a strategic partner. The company ended 2023 with $57M in cash, which we expect to support operations into 2026 and past key readouts in OI. We maintain our Buy Rating and raise our Target to $6 after increasing our launch expectations for setrusumab in OI.'

You May Also Be Interested In

• Seaport Global Securities Starts ADI Global Distribution (ADIG) at Buy
• LG Electronics India (LGEL:IN) PT Raised to INR1,815 at ICICI Securities
• Intuitive Machines Inc. (LUNR) PT Lowered to $32 at Cantor Fitzgerald, Reaffirms Overweight Rating