Omeros Corporation (NASDAQ: OMER) is having an overwhelmingly strong day in the market today, and for good reason. The company reported its financial results for the first quarter, exciting investors and sending the stock screaming for the top. Today, we’ll talk about:
- What we saw from earnings;
- what we’re seeing from the stock;
- and what we’ll be watching for ahead.
OMER Reports Financial Results
As mentioned above, Omeros Corporation is having an incredibly strong start to the trading session today after reporting its earnings for the first quarter. Her’es what we saw from the report:
- Revenue – During the first quarter, OMER generated revenue in the amount of $1.6 million.
- Loss – When it comes to losses, the company generated a loss of $30.1 million during the first quarter. That worked out to a loss of $0.62 per share. When adjusted for non-recurring costs, the loss came to $0.53 per share.
In a statement, Gregory A. Demopulos, M.D., Chairman and CEO at OMER, had the following to offer:
During the first quarter of 2018, we made tremendous progress in our MASP-2 program… We believe that we now have clear paths to accelerated approval for OMS721 in both stem-cell TMA and IgA nephropathy. With breakthrough therapy designations in both of these indications, we look forward to continuing to work closely with FDA and, for stem-cell TMA, we have initiated preparations for a BLA submission. Our PDE7 inhibitor OMS527 is poised to enter the clinic in mid-year and, in late 2019 through 2020, we expect to begin clinical trials for our MASP-3 antibody OMS906 and for our small-molecule MASP-2 inhibitors. A number of our GPCR programs are also moving toward the clinic, providing the potential for wholly new mechanisms for the treatment of a broad range of diseases and disorders, including cancers. With the Omeros team and the reinstatement of CMS separate payment for OMIDRIA, we believe that we will have the resources to deliver on the immense promise of these programs to benefit patients, many of whom have conditions for which there are no treatments.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. In the case of Omeros, the news proved to be overwhelmingly positive. While the company is generating losses, that’s expected from a clinical stage biotechnology company. However, the company provided updates on OMS721, OMS527 and OMS906, which are leading to excitement among investors. At the moment (11:40), OMER is trading at $19.11 per share after a gain of $2.98 per share or 18.47% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on OMER. In particular, we’re interested in following the company’s ongoing work to develop and bring new treatments to the market. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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