Omeros Corporation OMER shares are trading higher by $0.45 (8 percent) at $7.79 in Monday's session. The catalyst for the rally is the announcement of positive data from a Phase 2 trial for treatment of kidney disorders.
Some investors have utilized the news to either exit a current long or initiate a new short position.
After a higher open, it rallied only a few more cents to $8.70 before reversing course. That level is just above its October 12 high ($8.58), but shy of its October 11 high of $9.11.
It has continued to make new lows for the day and is within its trading range from Friday, but has not yet reached Friday's close of $7.34, with current low standing at $7.73.
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