Shares of biopharmaceutical company Mereo BioPharma (NASDAQ:MREO) are soaring in the pre-market session today after the U.S. Food and Drug Administration (FDA) granted a fast-track status for its product candidate alvelestat.
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The company now plans to have an end-of-phase 2 meeting with the regulatory body over the design of a study for the treatment of AATD-associated lung disease with Alvelestat.
AATD is a genetic disease and Mereo estimates about 50,000 people in North America and 60,000 people in Europe are affected with severe AATD.
Further, Mereo’s R&D update on October 31 remains a key event to keep an eye on.
Will MREO Stock Go Up?
Overall, the consensus rating for MREO stock remains a Strong Buy based on three unanimous Buys.
Further, the average analyst price target of $4.50 points to a substantial 345.54% potential upside in the stock.
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