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

Shares of Omeros's

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.