Omeros price target lowered to 50c from $4 at BofA

BofA lowered the firm’s price target on Omeros to 50c from $4 and keeps an Underperform rating on the shares after the company announced that the phase 3 ARTEMIS-IGAN trial of narsoplimab in IgA nephropathy, or IgAN, did not reach statistical significance and will be discontinued. The firm does not see any readthrough from this failure to the transplant-associated thrombotic microangiopathy, or TA-TMA, program, which “could merit approval,” though BofA remains “conservative given the uncertain regulatory path,” the analyst tells investors. The firm has updated its model to remove the IgAN indication, the analyst noted.