Shares Of Omeros Rocket Higher As Wedbush Lifts Target, Sees Near Tripling In Stock Price

Omeros

shares spiked over the $11 technical level in morning trade Wednesday following a mid-day research note from Wedbush's Liana Moussatos. The stock is now up more than 16 percent for the session. Moussatos boosted her fair value estimate on Omeros from $28 to $32 while reiterating an Outperform rating. The Wedbush analyst said, "With U.S. and EU regulators formally accepting OMS302 for review, the time clock for approval begins. With a July 2013 submission and our anticipation of a 10-month U.S. review for the OMS302 NDA, we estimate a PDUFA date in May 2014." Moussatos does not expect any delays given the recent "stellar" results from each Phase 3 trial of OMS302. Moussatos is modeling for peak global gross sales for the product at around $500 million. She is anticipating a possible partnership and Phase 2 results for OMS824 by the end of 2013. With Omeros shares last trading at $11.27, Moussatos new fair value estimate suggests potential upside of more than 180 percent.