: Ultragenyx, Mereo shares gain after positive results from study of bone disorder treatment

Shares of Ultragenyx Pharmaceutical Inc. RARE and Mereo BioPharma Group PLC MREO gained premarket on Tuesday after the companies on Monday announced results from a study of setrusumab in patients with osteogenesis imperfecta, a group of genetic bone disorders. Patients treated with setrusumab, a monoclonal antibody, had significant increases in a sensitive marker of bone formation and improvement in bone mineral density after three months, the companies said in a release. Ultragenyx and Mereo are collaborating on the development of setrusumab globally. Evercore ISI analysts on Tuesday upgraded Ultragenyx to outperform and raised their price target to $80. Ultragenyx shares were up 5.4% premarket on Tuesday, while Mereo shares were up 15.2%.

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