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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