In a research report released today, Wedbush analyst Liana Moussatos reiterated an Outperform rating on shares of Omeros Corporation (NASDAQ:OMER) and raised the price target to $70 (from $61), after the company announced additional positive data in the company’s Phase 2 clinical trial of OMS721 for the treatment of thrombotic microangiopathies.
Moussatos wrote, “With significant normalization of platelet counts and other TMA parameters in aHUS patients, we believe OMS721 has achieved clinical proof-of-concept for efficacy. We believe OMS721 with its more convenient subcutaneous dosing and potentially safer profile could be a threat to $2+ billion per year Soliris.”
The analyst continued, “We have updated our model to include revenues and our valuation for OMS721 in aHUS. We project potential launch in mid:18 and conservatively project gross peak annual sales could reach over $900 million. We also consider Omeros to be a future take-out target.”
Overall, “We anticipate Omeros to complete the high-dose cohort in the Phase 2 trial testing OMS721 in TMAs and meet with the FDA to design a pivotal trial which we anticipate could begin in 2016. We see the potential for non-dilutive cash from potential partnership(s) for the sale of Omidria in Europe in the coming months. We also anticipate the potential restart of the Phase 2 trial for OMS824 in Huntington’s disease by year-end.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Liana Moussatos has a total average return of 21.6% and a 42.8% success rate. Moussatos has a 20.0% average return when recommending OMER, and is ranked #103 out of 3738 analysts.
All the 4 analysts polled by TipRanks rate Omeros stock a Buy. With a return potential of 63.8%, the stock’s consensus target price stands at $40.25.