UPDATE: Canaccord Genuity Cuts PT to $13 on Omeros Corporation on Phase 3 Endpoint Miss

Canaccord Genuity reiterated its Buy rating on Omeros Corporation

but lowered its price target from $15 to $13. Canaccord Genuity noted, "Reiterate BUY, lowering target to $13 on slightly increased clinical risk/lower probability of success, later launch of OMS103 in meniscectomy, but our confidence in OMS302 approval, revenue in cataract surgery remains. OMS302 is in development for pupil dilation maintenance in lens surgery, where dilation is key for lens placement and recovery. 302 is OMER's second PharmacoSurgery asset after OMS103, now in Ph3 for meniscectomy surgery. Our $14 target is based on pNPV analysis." Omeros Corporation closed at $5.84 on Thursday.