Needham & Company Reiterates Buy on Omeros Corp. (OMER) on Mixed OMS103HP Results

December 28, 2012 8:39 AM EST
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Price: $8.95 -1.65%

Rating Summary:
    10 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Needham & Company reiterated their Buy rating and $10 price target on Omeros Corp. (NASDAQ: OMER) following mixed Phase 3 trial results for OMS103HP that missed the primary endpoint but showed a statistically significant impact on early postoperative pain, a secondary endpoint. A second Phase 3 trial in meniscectomy is now consequently planned for 1H13 with pain as a primary endpoint.

"We believe a total of two additional trials, both with pain as the primary endpoint, may be needed for FDA approval," the analyst comments. "We believe OMS103HP has utility in knee surgery, given the known anti-inflammatory activity of its three components. The absence of a consistent, comprehensive positive signal from the Phase 2 and 3 trials, however, suggests that the overall impact may be modest. We nevertheless reiterate our BUY rating based primarily on success of the OMS302 ophthalmology program, which may reach the market in early 2014. Our $10 price target is 25x our 2017 $0.67 EPS estimate, discounted 15%."

For an analyst ratings summary and ratings history on Omeros Corp. click here. For more ratings news on Omeros Corp. click here.

Shares of Omeros Corp. closed at $5.84 yesterday.

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