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Omeros Corp. Spikes on Stock Upgrade

By  +Follow September 16, 2013 7:36AM
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Omeros Corp. (OMER) jumped over 60 percent on early trading after Wedbush raised its price target for the stock. The rise constituted Monday's biggest jump for Omeros since October of 2009, and came with especially heavy volume for the small-cap pharma company. With gains reaching over 64 percent, it was a big day for investors in the Seattle-based company that had seen shares bleed off almost 47 percent of their value over the last year.

Wedbush analysts expressed confidence in OMS302, a new drug being developed for use in ophthalmological procedures like cataracts surgeries. With the Food and Drug Administration clamping down on “homebrew” topical solutions used during intraocular lens replacement surgeries, OMS302 appears poised to be the only solution on the market that combines pain relief and pupil dilation.

Wedbush analyst Liana Moussatos was bullish on Omeros, reiterating an outperform rating while raising the price target to $28.

“We recently had a conversation with a high-volume cataract surgeon about the changing regulatory landscape following sterility issues at compound pharmacies. The FDA has indicated that each patient must be given a separate bottle for topical NSAIDs and mydriatic agents. In addition, surgeons are no longer allowed to mix their own homebrews of these agents for use during surgery—a common practice," she said. "The net impact is that the cost of topical NSAIDs and mydriatic agents per cataract procedure is rising—making not only the cost of OMS302 (we estimate ~$250/procedure in the U.S.) to be closer to topical agents, but also making it the only product combining pain relief and mydriasis which complies with these new regulations."

Approval of OMS302 is expected by the middle of next year, and Moussatos has estimated a 90 percent chance the drug gets the final go-ahead. The positive news about the outlook for OMS302 comes on the heels of last week’s news of positive data from phase 1 clinical trials for another Omeros drug, OMS824, an enzyme inhibitor intended for use in patients with Huntington’s disease and schizophrenia.

 

(image ocourtesy of Flickr)

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for OMER
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Lori Vance
27 Feb 15 06:53:49
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27 Feb 15 06:53:42
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tyl
26 Feb 15 14:28:22
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26 Feb 15 12:00:57
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Alex Galan
26 Feb 15 11:54:05
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25 Feb 15 13:09:21
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24 Feb 15 07:01:02
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tyl
23 Feb 15 16:40:06
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tyl
23 Feb 15 16:39:51
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tyl
23 Feb 15 16:39:51
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Ticker Report
23 Feb 15 07:26:39
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ProVesting
23 Feb 15 07:24:02
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Breaking News Now
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Ticker Report
23 Feb 15 04:56:36
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ProTradersNews
23 Feb 15 03:57:04
$OMER: Zacks Rating Update on Omeros Corporation: http://t.co/uz7syZAPGH
				
				
By  +Follow September 16, 2013 7:36AM
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