Omeros Corp. (OMER) Bullish View Reiterated a FBR Following Encouraging Phase II Data
- S&P 500, Nasdaq set records as tech, banks lead
- Texas Instruments (TXN) Tops Q4 EPS by 20c, Issues Solid Q1 Outlook
- Intuitive Surgical (ISRG) Tops Q4 EPS by 10c; $2B Accelerated Share Repurchase
- Seagate Technology (STX) Tops Q2 EPS by 30c
- After-Hours Stock Movers 01/24: (BOBE) (STX) (WDC) Higher; (NEWT) (MRCY) (CA) Lower (more...)
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
FBR Capital analyst Thomas Yip reiterated an Outperform rating and $38 price target on Omeros Corp. (NASDAQ: OMER) after the company reported interim data from a Phase II trial of OMS721 for patients with renal dysfunction.
Yip commented, "All patients are to be treated with OMS721 with corticosteroid tapering for 12 weeks. To date, two IgA nephropathy patients showed statistically significant declines in urine albumin-to-creatinine ratios (uACRs) and 24-hour proteinuria reductions versus baseline, suggesting improved renal function. Mean baseline uACR declined from 1264 mg/g to 525 mg/g after 12 weeks of treatment (p = 0.011), while mean proteinuria also declined from 3156 mg/day to 1119 mg/day (p = 0.017), along with daily steroid dose reductions. Improvements in the above measurements were seen in two membranous nephropathy patients (although not statistically significant), while neither of the two treated lupus nephritis patients showed renal improvements. Based on these data, Omeros is pursuing breakthrough therapy designation for OMS721 in IgA nephropathy and is amending the Phase II trial's protocol to evaluate five OMS721-treated IgA nephropathy patients against five placebotreated patients. While we think these results in a small patient dataset will need to be confirmed with additional patients, we think OMS721 could tap into another rare disease (estimated annual incidence of ~2.5 per 100,000)."
Shares of Omeros Corp. closed at $7.34 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Alibaba (BABA) PT Raised to $148 at Deutsche Bank
- Mercury Computer (MRCY) PT Raised to $30 at Jefferies Following 2Q Report
- Alibaba (BABA) PT Raised to $116 at Baird
Create E-mail Alert Related CategoriesAnalyst Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!