Omeros (NASDAQ:OMER) Trading Down 6.2% – Here’s Why

Omeros Corporation (NASDAQ:OMER)’s share price dropped 6.2% on Wednesday . The company traded as low as $10.94 and last traded at $10.9220. Approximately 2,060,822 shares were traded during mid-day trading, an increase of 42% from the average daily volume of 1,447,658 shares. The stock had previously closed at $11.65.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Zacks Research upgraded Omeros from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 2nd. Wall Street Zen lowered Omeros from a “buy” rating to a “hold” rating in a research note on Sunday, April 26th. D. Boral Capital reiterated a “buy” rating and set a $36.00 price target on shares of Omeros in a research report on Tuesday, April 21st. HC Wainwright reissued a “buy” rating and issued a $40.00 price objective on shares of Omeros in a research note on Thursday, May 14th. Finally, Weiss Ratings upgraded Omeros from a “sell (d-)” rating to a “hold (c-)” rating in a report on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $40.33.

Omeros Price Performance

The stock has a market cap of $801.26 million, a price-to-earnings ratio of 15.82 and a beta of 2.66. The firm has a fifty day moving average of $12.30 and a 200 day moving average of $11.64.

Omeros (NASDAQ:OMER) last released its quarterly earnings data on Wednesday, May 13th. The biopharmaceutical company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.16. The company had revenue of $9.89 million for the quarter, compared to analyst estimates of $4.19 million. Research analysts anticipate that Omeros Corporation will post -0.94 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Omeros

A number of hedge funds have recently modified their holdings of the company. Bank of America Corp DE increased its stake in Omeros by 57.8% during the first quarter. Bank of America Corp DE now owns 204,805 shares of the biopharmaceutical company’s stock worth $2,163,000 after acquiring an additional 74,997 shares during the last quarter. Quantinno Capital Management LP increased its position in shares of Omeros by 145.4% during the first quarter. Quantinno Capital Management LP now owns 61,541 shares of the biopharmaceutical company’s stock worth $650,000 after acquiring an additional 36,467 shares during the period. Dimensional Fund Advisors LP raised its position in Omeros by 85.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 179,594 shares of the biopharmaceutical company’s stock valued at $1,897,000 after purchasing an additional 82,646 shares in the last quarter. Assetmark Inc. acquired a new stake in Omeros in the first quarter valued at approximately $38,000. Finally, NFSG Corp raised its holdings in shares of Omeros by 39.1% in the 1st quarter. NFSG Corp now owns 47,710 shares of the biopharmaceutical company’s stock valued at $504,000 after purchasing an additional 13,400 shares in the last quarter. Hedge funds and other institutional investors own 48.79% of the company’s stock.

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.