Dec. 5 at 11:05 AM
Baird reiterated
$MREO Outperform-
$8 and said 'Naming Mereo a Fresh Pick Ahead of Clinical Data.'
$RARE
Baird added, with pivotal data from the ORBIT/COSMIC studies of setrusumab in Ol weeks away (expected in December/January), we're naming Mereo a Fresh Pick, as we continue to believe the increased latitude ORBIT's final analysis provides (p-value threshold of 0.039 vs IA2 of 0.01) should result in a positive readout.
Additionally, we are encouraged by Ultragenyx's recent posture surrounding the program (building inventory at risk), and note Mereo's relatively conservative valuation (which has not run up, in contrast to XBI) provides an attractive entry point.