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Deutsche Bank Initiates Coverage on Omeros Corp (OMER) with a Buy; Emerging Pharmaceutical Company

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November 17, 2009 7:31 AM EST

Deutsche Bank initiates coverage on Omeros Corp (Nasdaq: OMER) with a Buy rating and a $15 price target.

Deutsche analyst says, "Omeros is an emerging pharmaceutical company with a late-stage clinical program based on an innovative approach for improving post-surgical outcomes. We believe that the three PharmacoSurgery candidates—OMS103HP for arthroscopy, OMS302 for ophthalmic surgery, and OMS201 for urology—can potentially garner aggregate peak worldwide sales of $1 billion+. Omeros also has a deep preclinical pipeline of programs targeting large underserved markets...In our opinion, at an inexpensive $160 million valuation (technology valuation of $110 million), Omeros’ stock is very attractively priced, given its late stage PharmacoSurgery product portfolio. In fact, based on expected profits from sales of OMS103HP alone, we derive our 12-month price target of $15 (NPV is $11-12), based on 22x our fully taxed 2013 EPS estimate of $1.15, which we discount at 30%."

To see more analyst ratings on OMER Click Here.

Omeros Corporation, a clinical-stage biopharmaceutical company, focuses on discovering, developing, and commercializing products on inflammation and disorders of the central nervous system.