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Omeros Spikes 37% Amid Favorable Medicare Policy In Congressional Spending Bill

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Omeros Spikes 37% Amid Favorable Medicare Policy In Congressional Spending Bill
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Omeros Corporation (NASDAQ: OMER), a commercial-stage biopharmaceutical company that mostly focuses on developing therapies for the treatment of complement-mediated diseases and disorders of the central nervous system, saw its stock soar nearly 40 percent Thursday morning.

What Happened

American congressional officials released Wednesday a more than 2,000-page spending package, which includes a "complicated policy that represents a major win" for Omeros, STAT News' Erin Mershon reported. Specifically, Omeros can benefit from two additional years of extra Medicare reimbursement for its cataract surgery drug Omidria.

Why It's Important

The specific wording of the spending bill likely implies the new policy will only favorably impact Omeros and its product and "almost no other drug companies," Mershon said. Stat News' Adam Feuerstein Tweeted that Omeros benefited from "special-interest lobbying."

What's Next

Despite the huge percent surge Thursday morning above the $15 mark, the stock is still trading notably below its 52-week high of $27.09. Bullish investors are hoping the momentum can be sustained throughout the pre-market trading session and continue rising over time.

At time of publication, the stock was up 35.4 percent at $15.76.

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