Deutsche Bank Upgrades Omeros Corp. (OMER) to Buy; Strong Phase 3 Data in OMS302

Deutsche Bank upgraded Omeros Corp. (NASDAQ: OMER) from Hold to Buy, price target raised from $6 to $11.

Deutsche analyst says, "Based on this positive Ph 3 trial and a successful recent meeting with the European regulators, OMER anticipates initiating a second OMS302 Ph 3 study in April. If the second Ph 3 trial also proves successful, mgt plans to file both the NDA and MMA in early 2013. Given this accelerated timeline (6-8 months ahead of our forecast), it appears that OMS302 could reach the market by mid-2014 (vs our early 2015 est). If approved, we believe that OMS302 could become widely used, with peaks sales potential of $300M. We also look forward to initial Ph 3 data for OMER's other co-lead product candidate OMS103HP in arthroscopic meniscectomy surgery, which is expected mid-year."

"...our new 2015 fully-taxed EPS est of $0.85 (vs $0.70)-reflecting earlier commercialization of OMS302-discounted 25% (vs 30% previously)-due to now a lower risk profile."

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 $7.64 yesterday.

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