Omeros Corporation (NASDAQ:OMER), a biopharmaceutical company committed to discovering, developing and commercializing both small-molecule and protein therapeutics for large-market as well as orphan indications targeting inflammation, coagulopathies and disorders of the central nervous system, announced entry into an exclusive supply and distribution agreement for the sale of OMIDRIA (phenylephrine and ketorolac injection) 1% / 0.3% in the Kingdom of Saudi Arabia, the United Arab Emirates and other countries in the Middle East with ITROM Trading Drug Store (ITROM). ITROM is Dubai-based and an internationally recognized pharmaceutical marketing and distribution company specializing in ophthalmology. Under the agreement, ITROM will be responsible for obtaining marketing authorizations for OMIDRIA within the licensed territory and for marketing, selling and distributing product supplied by Omeros. Existing ophthalmology medical sales representatives employed by ITROM are expected to be reinforced with additional medical sales representatives that will be dedicated to OMIDRIA.
“We expect that ITROM will begin sales of OMIDRIA later this year,” said Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros. “This marks the start of our expansion to international markets, and we look forward to bringing the benefits of OMIDRIA to patients outside of the U.S.”
“ITROM and our affiliate companies have been successfully representing innovative and breakthrough products within our region for several years now,” stated ITROM Pharmaceutical Group’s Managing Director Dr. Ismail Soboh. “We believe that Omidria definitely falls in this highly-sought-after category of products.” (Original Source)
Shares of Omeros closed yesterday at $12.56, up $0.18 or 1.45%. OMER has a 1-year high of $30.23 and a 1-year low of $8.90. The stock’s 50-day moving average is $14.42 and its 200-day moving average is $13.33.
On the ratings front, Omeros has been the subject of a number of recent research reports. In a report issued on April 20, Maxim Group analyst Jason McCarthy reiterated a Buy rating on OMER, with a price target of $30, which represents a potential upside of 138.9% from where the stock is currently trading. Separately, on March 8, Wedbush’s Liana Moussatos maintained a Buy rating on the stock and has a price target of $62.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason McCarthy and Liana Moussatos have a total average return of -10.8% and 1.7% respectively. McCarthy has a success rate of 29.5% and is ranked #3695 out of 3828 analysts, while Moussatos has a success rate of 31.0% and is ranked #1193.