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

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Omeros (NASDAQ: OMER) 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.

Latest Ratings for OMER

DateFirmActionFromTo
Aug 2015Roth CapitalInitiates Coverage onBuy
Feb 2014McNicoll Lewis VlakMaintainsBuy
Apr 2013WBB SecuritiesMaintainsStrong Buy

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