Omeros (NASDAQ:OMER) Reaches New 12-Month High - Here's What Happened

Key Points

• Omeros shares reached a new 52-week high, trading as high as $20.43 versus a prior close of $18.49, with a market capitalization of approximately $1.44 billion.
• The company reported quarterly EPS of $0.02, beating the consensus estimate of a $0.27 loss, while revenue of $28.53 million exceeded expectations of $12.69 million. Analysts maintain a “Moderate Buy” consensus with a $34 price target.
• Insiders sold 95,906 shares worth approximately $1.78 million over the past three months, while hedge funds and institutional investors own about 48.79% of Omeros stock.

Shares of Omeros Corporation (NASDAQ:OMER - Get Free Report) hit a new 52-week high during trading on Tuesday . The company traded as high as $20.43 and last traded at $20.4180, with a volume of 498257 shares trading hands. The stock had previously closed at $18.49.

Wall Street Analysts Forecast Growth

OMER has been the subject of a number of recent research reports. Zacks Research lowered shares of Omeros from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 13th. Wall Street Zen raised Omeros from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. HC Wainwright reiterated a "buy" rating on shares of Omeros in a research report on Monday, July 27th. Cantor Fitzgerald upgraded Omeros from a "neutral" rating to an "overweight" rating and set a $22.00 price objective on the stock in a research note on Tuesday. Finally, Weiss Ratings raised Omeros from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Omeros currently has a consensus rating of "Moderate Buy" and a consensus price target of $34.00.

Omeros Stock Performance

The stock has a market capitalization of $1.44 billion, a PE ratio of 15.62 and a beta of 2.60. The business's 50-day moving average price is $15.36 and its 200 day moving average price is $12.80.

Omeros (NASDAQ:OMER - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The biopharmaceutical company reported $0.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.27) by $0.29. The business had revenue of $28.53 million during the quarter, compared to analysts' expectations of $12.69 million. As a group, equities research analysts predict that Omeros Corporation will post -0.37 earnings per share for the current year.

Insiders Place Their Bets

In related news, VP Peter Cancelmo sold 25,000 shares of the company's stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $18.54, for a total value of $463,500.00. Following the transaction, the vice president directly owned 200 shares in the company, valued at approximately $3,708. This represents a 99.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas Cable sold 15,000 shares of the firm's stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $18.45, for a total transaction of $276,750.00. Following the completion of the sale, the director directly owned 35,067 shares in the company, valued at $646,986.15. This represents a 29.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 95,906 shares of company stock worth $1,780,205 over the last three months. Company insiders own 10.50% of the company's stock.

Hedge Funds Weigh In On Omeros

A number of hedge funds and other institutional investors have recently modified their holdings of OMER. Engineers Gate Manager LP bought a new position in shares of Omeros during the 2nd quarter valued at about $138,000. Squarepoint Ops LLC bought a new stake in Omeros in the 2nd quarter worth approximately $523,000. Arizona State Retirement System purchased a new stake in Omeros in the second quarter worth approximately $179,000. HighTower Advisors LLC boosted its stake in Omeros by 4.3% in the second quarter. HighTower Advisors LLC now owns 115,368 shares of the biopharmaceutical company's stock worth $1,097,000 after buying an additional 4,738 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Omeros during the second quarter valued at approximately $146,000. 48.79% of the stock is currently owned by hedge funds and other institutional investors.

Omeros Company Profile

Omeros Corporation is a biopharmaceutical company focused on discovering, developing and commercializing therapies for diseases involving the complement system, immune system and inflammation. The company is headquartered in Seattle, Washington, and was founded in 1994 by Gregory A. Demopulos, M.D., who serves as its chairman and chief executive officer.

Omeros' marketed product, OMIDRIA, is an ophthalmic solution containing phenylephrine and ketorolac. It is used during cataract surgery and other lens replacement procedures to help maintain pupil size and reduce postoperative pain and inflammation.

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