Omeros Corporation (NASDAQ: OMER) was one of the top gainers in Tuesday’s trading session. The stock rallied to close the day with gains of 55.36%. This came after it announced revenues that beat analyst expectations in Q4.
In the quarter, the company reported revenue of $33.4 million, making it the company’s best quarter to date. The company also reported that for the full year, revenues increased by 274% to hit $111.8 million. Nonetheless, the company reported a net loss of $29.2 million, or an EPS loss of $0.58 in the quarter. On top of that, net loss for the full year stood at $84.5 million or an EPS loss of $1.71.
The company also released data from its narsoplimab registration trial. It announced that the trial met the FDA’s primary efficacy goals. It announced that it had a 54% response rate in all patients that got at least a single dosage of Narsoplimab. It also had a 65% response rate in patients that received the protocol dosage after 4 weeks of dosing. This was much better than the FDA specified efficacy rate by 15%.
The company also announced that it had positive data on secondary endpoints of the treatment. It also stated that on the 100-day survival secondary endpoint, 68% of the patients who got the dosage achieved it. The company further stated that 83% of the patients received at the minimum, the protocol-specified 4 weeks of dosing and 93% achieved the endpoint. Commenting on the results, CEO Gregory A. Demopulos stated that 2019 was a good year for Omeros. He cited the company’s strong revenues and positive data on the pivotal trial for HSCT-TMA.
Looking at its price action, OMER was in a breakout in Tuesday’s session. The stock opened the day at $14.40 and traded between a low of $14.02 and a high of $19.74 before closing the day at $19.56. Volumes in the day stood at 7.83 million.
About Omeros Corporation
Omeros Corporation is a biopharma company that develops treatments for complement-mediated diseases, and disorders of the nervous system. It is headquartered in Seattle, Washington.