Monday morning brought some rough news for biotech investors, with U.S. stock futures trading lower and the Dow futures dropping around 100 points.
The biggest pre-market casualty was Mereo BioPharma Group plc (MREO), which announced that its Phase 3 ORBIT and COSMIC studies for setrusumab in Osteogenesis Imperfecta missed the mark. The drug failed to achieve statistical significance against the primary endpoints—reduction in annualized clinical fracture rate compared to placebo or bisphosphonates. That's a devastating outcome for a late-stage trial, and investors reacted accordingly.
Mereo BioPharma shares collapsed 87.5% to $0.29 in pre-market trading.
But Mereo wasn't alone in feeling the pain. Here's a look at other stocks moving lower before the opening bell:
Ultragenyx Pharmaceutical Inc (RARE) tumbled 43.7% to $19.26 in pre-market trading. The company partnered with Mereo on those failed setrusumab trials, so it's getting hit with the same bad news.
A SPAC III Acquisition Corp (ASPC) shares dipped 11.7% to $21.21 in pre-market trading after jumping 79% on Friday. Seems like some early enthusiasm is cooling off.
Sellas Life Sciences Group Inc (SLS) fell 7.6% to $2.65 in pre-market trading as the company issued an update on its pivotal Phase 3 REGAL trial of Galinpepimut-S in acute myeloid leukemia.
Alvotech SA (ALVO) shares dipped 6.8% to $4.90 in pre-market trading.
Sigma Lithium Corp (SGML) tumbled 5.5% to $13.70 in pre-market trading after gaining 7% on Friday.
