02:05 PM EDT, 06/12/2024 (MT Newswires) -- (Updates with stock movements in the headline and first paragraph)

Ultragenyx Pharmaceutical ( RARE ) shares rose 7.5% and Mereo BioPharma Group ( MREO ) climbed 5.3% in recent Wednesday trading, a day after the companies said setrusumab was found to benefit patients with a genetic bone disorder.

Results from the phase 2 portion of a study showed setrusumab caused "ongoing and meaningful improvements" in the lumbar spine bone mineral density of patients with osteogenesis imperfecta and reduced incidence of fractures by 67% based on at least 14 months of follow-up.

The fracture rate excluded morphometric vertebral fractures as well as those of the fingers, toes, skull and face.

The reduction was associated with "clinically meaningful increases" in bone mineral density, the companies said.

Price: 44.51, Change: +3.11, Percent Change: +7.52