UPDATE: Burrill Research Initiates Omeros Corporation at Market Outperform on Pipeline Strength

Burrill Research initiated its coverage on Omeros Corporation

with a Market Outperform rating and a $17 price target. Burrill Research commented, "In addition to PharmacoSurgery™, Omeros is developing a novel drug for addiction, as well as an antibody targeting multiple indications. Both of these programs are in early stages of development, but conveniently, a significant fraction of their development costs are covered by external grants. Additionally, Omeros created a unique platform for the discovery of novel GPCR (G-Protein Coupled Receptor) targeted drugs. At a time when the discovery of new compounds for GPCRs has slowed down significantly, Omeros could become a respected partner for the pharma industry." Omeros Corporation closed at $10.76 on Friday.