Omeros (OMER) Stock Price Down 18.7% Following Weak Earnings

Omeros Co. (NASDAQ:OMER) dropped 18.7% during mid-day trading on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $12.10 and last traded at $13.02. Approximately 5,657,225 shares changed hands during mid-day trading, an increase of 455% from the average daily volume of 1,020,034 shares. The stock had previously closed at $16.02.

The biopharmaceutical company reported ($0.81) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.72) by ($0.09). The business had revenue of $4.61 million during the quarter, compared to analysts’ expectations of $3.07 million. During the same period in the prior year, the firm posted ($0.16) EPS.

OMER has been the subject of a number of recent analyst reports. HC Wainwright set a $34.00 price target on Omeros and gave the stock a “buy” rating in a report on Wednesday, August 29th. BidaskClub upgraded Omeros from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 17th. ValuEngine downgraded Omeros from a “buy” rating to a “hold” rating in a report on Friday, August 10th. Maxim Group increased their price target on Omeros from $25.00 to $32.00 and gave the stock a “buy” rating in a report on Friday, August 10th. Finally, MED reiterated a “reduce” rating on shares of Omeros in a report on Monday, July 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $27.56.

In other news, VP Marcia S. Kelbon sold 7,529 shares of the stock in a transaction dated Friday, August 31st. The shares were sold at an average price of $25.75, for a total transaction of $193,871.75. Following the transaction, the vice president now owns 227,645 shares of the company’s stock, valued at approximately $5,861,858.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 12.10% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in OMER. BlueMountain Capital Management LLC bought a new position in shares of Omeros during the 2nd quarter worth about $118,000. Quad Cities Investment Group LLC bought a new position in shares of Omeros during the 2nd quarter worth about $161,000. Belpointe Asset Management LLC bought a new position in shares of Omeros during the 2nd quarter worth about $204,000. Brighton Jones LLC bought a new position in shares of Omeros during the 3rd quarter worth about $211,000. Finally, First Interstate Bank boosted its position in shares of Omeros by 100.0% during the 3rd quarter. First Interstate Bank now owns 10,000 shares of the biopharmaceutical company’s stock worth $244,000 after purchasing an additional 5,000 shares in the last quarter. 47.42% of the stock is currently owned by institutional investors.

The stock has a market capitalization of $782.30 million, a PE ratio of -16.48 and a beta of 3.79.

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About Omeros (NASDAQ:OMER)

Omeros Corporation, a biopharmaceutical company, discovers, develops, and commercializes small-molecule and protein therapeutics, and orphan indications targeting inflammation, coagulopathies, and disorders of the central nervous system. The company markets OMIDRIA for use in cataract surgery or intraocular lens replacement in the United States.

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