Omeros (OMER): OMS721 For Kidney Diseases Looks Exciting - Wedbush
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Wedbush analyst, Liana Moussatos, reiterated her Outperform rating on shares of Omeros Corp. (NASDAQ: OMER) after initial results for OMS721 treatment of complement related kidney diseases look promising.
Omeros announced preliminary results from a Phase 2 open-label trial investigating OMS721 treatment of complement related kidney diseases (NCT02682407 in clinicaltrials.gov). Patients with four complement related renal diseases including steroid-dependent immunoglobulin A nephropathy (IgAN), membranous nephropathy (MN), lupus nephritis, and complement component 3 (C3) glomerulopathy (C3G) are being enrolled in Omeros’ OMS721 Phase 2. In this exploratory trial, enrollment of four patients for each disease is targeted.
Patients are being treated with OMS721 for 12-weeks coupled with corticosteroid tapering and six weeks follow-up. Primary endpoints are safety and tolerability and secondary endpoints including safety and efficacy measured by changes in proteinuria (urine albumin/creatine ratio) and ability to taper steroids.
The analyst's price price target of $56 implies more than 7x return from yesterday's closing price.
Shares of Omeros Corp. closed at $7.60 yesterday.
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