OMER - Omeros downgraded at Bank of America after FDA snub for narsoplimab appeal

• Bank of America downgraded Omeros Corporation ( NASDAQ: OMER ) on Tuesday after the FDA denied its appeal related to the Complete response letter (CRL) issued for narsoplimab in thrombotic microangiopathy linked to hematopoietic stem cell transplant.
• The appeal was part of a formal dispute resolution request the company submitted to the FDA in June regarding the CRL.
• While the regulator proposed a path forward for narsoplimab based on a new data analysis, “the data collection and resubmission process will extend the potential approval,” the analysts led by Greg Harrison wrote as they downgraded the stock to Underperform from Neutral.
• Slashing the probability of success for narsoplimab and pushing back its estimated launch to 2024 from 2023, the analysts have also lowered the price target on the stock to $3 from $8 per share.
• However, according to Seeking Alpha contributor Terry Chrisomalis Omeros ( OMER ) has a few more catalysts lined up for 2023.

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