Omeros (NASDAQ:OMER) Issues Quarterly Earnings Results

Omeros (NASDAQ:OMER) issued its earnings results on Wednesday. The biopharmaceutical company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.16, FiscalAI reports. The business had revenue of $9.89 million for the quarter, compared to the consensus estimate of $4.19 million.

Here are the key takeaways from Omeros’ conference call:

• YARTEMLEA had a strong early launch, generating $11.1 million of gross revenue and $9.9 million of net revenue in Q1, with management saying the product became cash flow positive during the quarter and could drive company-wide positive cash flow within 18 months.
• Commercial adoption appears ahead of plan, with 30 unique accounts ordering by March 31 and rapid progress on access, including P&T approvals at many top transplant centers and all prior authorization requests to commercial payers approved so far.
• The company received important reimbursement tailwinds for YARTEMLEA, including a permanent CMS J-code effective July 1 and a recommended NTAP approval that could become effective later this year, both of which should simplify billing and support uptake.
• Omeros ended the quarter with $135.3 million in cash and investments after retiring its remaining 2026 convertible notes, while the Novo Nordisk transaction provided $240 million upfront and up to $100 million more in near-term milestones.
• Beyond the launch, management highlighted several pipeline opportunities, including EU review of YARTEMLEA, expansion into additional complement-mediated indications, and continued development of OMS1029, the oral MASP-2 program, OMS527, TCAT, and OncotoX-AML.

Omeros Trading Down 7.9%

Shares of NASDAQ:OMER traded down $1.05 during trading on Friday, reaching $12.23. The stock had a trading volume of 2,785,991 shares, compared to its average volume of 1,438,652. The firm’s 50-day simple moving average is $12.25 and its 200 day simple moving average is $11.39. Omeros has a one year low of $2.95 and a one year high of $17.65. The company has a market capitalization of $882.42 million, a P/E ratio of 17.47 and a beta of 2.66.

Institutional Investors Weigh In On Omeros

Several institutional investors have recently bought and sold shares of the company. State of Wyoming purchased a new position in Omeros in the fourth quarter worth $25,000. AQR Capital Management LLC boosted its position in shares of Omeros by 7.2% in the 4th quarter. AQR Capital Management LLC now owns 22,838 shares of the biopharmaceutical company’s stock worth $392,000 after purchasing an additional 1,532 shares in the last quarter. Cerity Partners LLC boosted its position in shares of Omeros by 6.1% in the 4th quarter. Cerity Partners LLC now owns 30,450 shares of the biopharmaceutical company’s stock worth $523,000 after purchasing an additional 1,750 shares in the last quarter. Arax Advisory Partners grew its stake in Omeros by 56.4% during the 4th quarter. Arax Advisory Partners now owns 5,255 shares of the biopharmaceutical company’s stock worth $90,000 after buying an additional 1,894 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Omeros during the 4th quarter worth $33,000. 48.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on OMER. Zacks Research raised shares of Omeros from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 2nd. Wall Street Zen downgraded shares of Omeros from a “buy” rating to a “hold” rating in a research note on Sunday, April 26th. D. Boral Capital restated a “buy” rating and set a $36.00 target price on shares of Omeros in a report on Tuesday, April 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Omeros in a research report on Tuesday, April 21st. Finally, HC Wainwright reiterated a “buy” rating and issued a $40.00 price target on shares of Omeros in a report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $40.33.

About Omeros

Omeros Corporation is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of small-molecule and protein therapeutics. The company’s research programs target inflammation, complement-mediated diseases and disorders of the central nervous system. Omeros’s portfolio encompasses both internally discovered molecules and biologics, reflecting its commitment to advancing treatments for conditions with high unmet medical need.

Omeros’s first FDA-approved product, Omidria® (phenylephrine and ketorolac intraocular solution), is indicated to maintain pupil size by preventing intraoperative miosis and reducing postoperative pain in patients undergoing cataract surgery.