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Investing.com — Omeros (NASDAQ:OMER) Corp. soared more than 50% Monday after all patients recovered in an investigational treatment for Acute Respiratory Distress Syndrome caused by Covid-19.
The study was limited to six patients who needed mechanical ventilation before treatment with narsoplimab. All were discharged from the hospital, and results of the study have been accepted for publication in the peer-reviewed journal Immunobiology.
Shares plummeted more than 50% in March, and have since recovered, and have more than doubled to above $22. The stock has two buy ratings, two holds and no sells, with an average price target of $25.33.
Needham downgraded the stock in March after fourth quarter results. Omeros said at the time that it couldn’t recognize a majority of revenue from wholesaler inventory from its only revenue producer, Omidria, because of reimbursement uncertainty. Needham said it saw no visibility on a near-term solution or when sales will pick up again, Bloomberg reported.
