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Omeros Submits NDA for OMS302, Wedbush Says Approval Could be 'Catalyst' for Stock

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Shares of Omeros's (NASDAQ: OMER) traded up as much as 6 percent Thursday morning after the company's announcement of an NDA submission for its intraocular lens replacement surgery treatment OMS302.

The stock charged to a session high of $6.19 (up 15 percent) heading into the last hour of the morning session following comments from Wedbush analyst Liana Moussatos.

She anticipates a 90 percent probability of the FDA accepting the filing for review by late September of this year, with 10-15 percent potential upside in this instance.

Moussatos estimates an 80 percent probability of the NDA being approved by the FDA in mid-2014 with potential upside of 20-40 percent if the approval is made.

Citing peak annual sales for OMS302 of about $479 million and potential partnerships and pipeline progress during the remainder of 2013, Moussatos reiterated an Outperform rating and $18 price target on OMER.

Latest Ratings for OMER

Apr 2016Roth CapitalTerminatesBuy
Aug 2015Roth CapitalInitiates Coverage onBuy
Feb 2014McNicoll Lewis VlakMaintainsBuy

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