Omeros price target raised to $20 from $9 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Omeros (OMER) to $20 from $9 and keeps a Buy rating on the shares after the company announced an asset purchase and license agreement with Novo Nordisk (NVO) for zaltenibart. Omeros will receive an upfront cash payment of $240M with potential for up to $510M in one-time development and approval milestone payments and up to $1.3B in one-time sales-based milestone payments, as well as tiered royalties on annual net sales of the products, the analyst tells investors in a research note. H.C. Wainwright cites the non-dilutive cash Omeros will receive and revised risk assumptions for zaltenibart for the target increase.