Omeros (NASDAQ:OMER) Issues Earnings Results

Omeros (NASDAQ:OMER) announced its earnings results on Wednesday. The biopharmaceutical company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.06, FiscalAI reports. The firm had revenue of $9.89 million during the quarter, compared to analysts’ expectations of $10.13 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 Stock Performance

Shares of Omeros stock traded down $0.38 during trading hours on Wednesday, reaching $14.38. 2,333,335 shares of the company were exchanged, compared to its average volume of 1,086,854. Omeros has a 1 year low of $2.95 and a 1 year high of $17.65. The stock’s fifty day moving average is $12.22 and its 200 day moving average is $11.35. The firm has a market cap of $1.04 billion, a PE ratio of 8.34 and a beta of 2.66.

Institutional Trading of Omeros

A number of large investors have recently modified their holdings of the stock. Invesco Ltd. increased its position in shares of Omeros by 26.8% during the fourth quarter. Invesco Ltd. now owns 154,782 shares of the biopharmaceutical company’s stock worth $2,658,000 after acquiring an additional 32,707 shares during the period. Corient Private Wealth LLC increased its position in shares of Omeros by 12.9% during the fourth quarter. Corient Private Wealth LLC now owns 687,325 shares of the biopharmaceutical company’s stock worth $11,805,000 after acquiring an additional 78,563 shares during the period. Virtus Investment Advisers LLC purchased a new stake in shares of Omeros during the fourth quarter worth $450,000. Wellington Management Group LLP increased its position in shares of Omeros by 4.2% during the fourth quarter. Wellington Management Group LLP now owns 202,617 shares of the biopharmaceutical company’s stock worth $3,480,000 after acquiring an additional 8,170 shares during the period. Finally, Millennium Management LLC increased its position in shares of Omeros by 10.0% during the fourth quarter. Millennium Management LLC now owns 441,811 shares of the biopharmaceutical company’s stock worth $7,588,000 after acquiring an additional 39,997 shares during the period. Hedge funds and other institutional investors own 48.79% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on OMER shares. Zacks Research raised Omeros from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 2nd. D. Boral Capital reissued a “buy” rating and issued a $36.00 target price on shares of Omeros in a research report on Tuesday, April 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Omeros in a research report on Tuesday, April 21st. Finally, Wall Street Zen lowered Omeros from a “buy” rating to a “hold” rating in a research report on Sunday, April 26th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Omeros currently has an average rating of “Moderate Buy” and an average price target of $40.33.

Omeros Company Profile

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.