H.C. Wainwright analyst Ram Selvaraju initiated coverage with a Buy rating on Omeros Corp (NASDAQ: OMER) Friday and set a price target of $34. The company’s shares closed Thursday at $21.70.
Selvaraju noted:
“Valuation methodology, risks and uncertainties. We ascribe a total firm value of roughly $2B to Omeros based on OMIDRIA ($806M) and OMS721 ($1.2B). This translates into a target of $34.00 per share, based on 60M fully-diluted shares outstanding as of end-2Q 2019. Risks include: (1) trial delays; (2) adverse clinical results; (3) inability to obtain approval for OMS721 and other candidates; (4) inability to achieve additional market traction with OMIDRIA; and (5) earlier-than-anticipated introduction of OMIDRIA generics in the U.S.”
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