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

Shares of Ultragenyx Pharmaceutical Inc.
RARE,
+0.07%
and Mereo BioPharma Group PLC
MREO,
+6.67%
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%.