Maxim Group lowered its price target for Omeros (NASDAQ:OMER) to $19 from $30, citing a higher risk value from its three valuation models. The stock closed at $13.38 on Tuesday.
Analyst Jason Kolbert writes that sales of the company’s Omidria are showing good traction, and “we are hopeful about seeing U.S. revenues build over time.” However, he removed all EU revenues for this year and next year until there is better clarity on the plan for Europe.
In addition, he said Omeros’ multiple pipeline products have great potential and he is most excited about OMS721 for the treatment of atypical hemolytic uremic syndrome (aHUS) in the near term.
Based on the feedback from the European Medicines Agency, a single, pivotal Phase 3 study with OMS721 in aHUS will be used to support marketing approval applications in both the U.S. and Europe, he pointed out.
As was agreed with the FDA, he said the EMA will allow Omeros to use OMS721 safety data from patients being treated for indications other than aHUS. The Phase 3 program in aHUS is expected to begin enrolling patients later in 2016.
