Needham & Company Remains Bullish on Omeros (OMER) Following Mixed 3Q
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Needham & Company maintained a Buy rating on Omeros Corp. (NASDAQ: OMER), and cut the price target to $24.00 (from $28.00), following the company's 3Q earnings report. OMER met the topline expectations due to summer seasonality around Omidria, and met the Street's expectations on the bottom-line. 3Q Omidria sales were $11.3MM compared to the consensus of $15MM.
Analyst Serge Belanger commented, "OMER's 3Q16 results were mixed, missing on the topline due to summer seasonality around Omidria but meeting Street expectations on the bottom-line. A slowdown in cataract procedures over the summer months led to a slowdown in Omidria growth in 3Q16. Volumes have since reaccelerated in Sept/Oct recently pacing at a rate equivalent to $55MM in annualized Omidria sales. The next key event for OMER revolves around OMS721. We continue to await results from the ongoing ph 2 trial in aHUS. We also expect OMER to initiate an open-label ph 3 study of OMS721 in aHUS patients by YE16. The pipeline, while early, represents significant potential upside drivers, in our view. We continue to expect a ramp up in Omidria sales but we adjust our numbers for seasonal effects. We maintain our Buy rating and adjust our PT to $24 (from $28)."
Shares of Omeros Corp. closed at $10.13 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNeedham & Company, Earnings
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