Wedbush Starts Omeros (OMER) at Outperform with a $12 Fair Value

November 20, 2009 1:42 PM EST

Wedbush initiates coverage on Omeros Corp. (Nasdaq: OMER) with an Outperform rating and a $12 fair value estimate.

The firm notes that Omeros' lead product candidate, OMS103HP, "controls multiple components of inflammation and associated tissue damage occurring throughout the surgical procedure while standard of care is only a relatively modest perioperative intervention." Wedbush also cites two other candidates which are currently in clinical development, OMS302 and OMS201.

Wedbush feels that Omeros will provide positive Phase 3 results on OMS103HP sometime in mid-2010, likely showing improved patient recovery post arthroscopic ACL surgery.

Despite the new Outperform rating, shares of Omeros are trading about 0.7% lower to $7.65.

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

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