JPMorgan on Friday night downgraded Mereo BioPharma to Neutral from Overweight without a price target. The firm cites the uncertainty of the regulatory process for the company's setrusumab program for the downgrade. The Phase 3 ORBIT and COSMIC trials of setrusumab in osteogenesis imperfecta missed their primary endpoints of annualized fracture rate, the analyst tells investors in a research note.
