Omeros (OMER) Target Raised to $32 at Wedbush

October 2, 2013 10:57 AM EDT
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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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Wedbush today maintained an Outperform rating on Omeros Corp. (NASDAQ: OMER) and raised its price target to $32.00 (from $28.00). The change comes as the FDA accepts OMS302 for review.

"With a July 2013 submission and our anticipation of a 10-month U.S. review for the OMS302 NDA, we estimate a PDUFA date in May 2014. This timeline works with our July 2014 U.S. launch date for OMS302. Omeros also indicated that EU approval could also occur in 2014," said analyst Liana Moussatos.

"Given the stellar clinical results from both Phase 3 trials, we do not anticipate any delays and expect a first pass approval. Both Phase 3 trials achieved statistical significance for the primary endpoints. The first Phase 3 trial had a primary endpoint of maintenance of mydriasis (pupil dilation) and achieved statistical significance of p<0.00001. The second Phase 3 trial had co-primary endpoints including maintenance of mydriasis (p<0.00001) and reduction in early post-operative pain (p<0.0002). No significant safety issues were reported," she added.

Moussatos thinks peak worldwide sales for OMS302 could reach about $500

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 $9.68 yesterday.

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