UPDATE: Canaccord Upgrades Omeros; Raises PT

According to a research report published earlier today, Canaccord has upgraded Omeros Corp.

from Hold to Buy, and has increased PT from $5 to $13. Canaccord commented in the report, “Upgrading to BUY from Hold, raising target to $13 from $5 on increased chance of OMS302 success in eye surgery. Phase 3 OMS302 is in trials for pupil dilation maintenance in lens surgery. 302 is the Omeros' second PharmacoSurgery asset after OMS103, in a Phase 3 meniscectomy knee surgery trial (data due Q3/12). We are raising our pNPV-based target from $5 to $13 on increased chances of OMS302 success from first Phase 3 data.” Omeros is currently trading at $10.35.