OMER - Why Omeros Corporation Stock Is Marching Higher Today
Shares of the small-cap biopharma Omeros Corporation (NASDAQ: OMER) were up by a healthy 11.4%, on moderate volume, as of 1:48 p.m. ET Friday afternoon. The biotech's double-digit move higher is particularly noteworthy in light of the fact that the industry as a whole is losing ground today.
The closely watched SPDR S&P Biotech ETF, for instance, fell by as much as 2.75% during Friday's mid-afternoon trading session. Omeros' stock is defying this general downward trend in response to the news that the Food and Drug Administration (FDA) granted the company's early-stage paroxysmal nocturnal hemoglobinuria (PNH) drug candidate, OMS906, orphan drug designation .
PNH is already a multibillion-dollar-a-year drug market. What's more, this indication is forecast to see compound annual sales growth in excess of 11%, on average, over the next three consecutive years, according to a report by Grand View Research.
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Why Omeros Corporation Stock Is Marching Higher Today