Omeros Transplant Drug Could Be Bigger than Expected, Says Analyst

Cantor Fitzgerald on Tuesday upgraded Omeros Corp (NASDAQ:OMER), citing a better-than-expected Yartemlea launch.

Cantor changed the rating from Neutral to Overweight and reinstated the price target of $22, and wrote, “We’re increasingly convinced this could also be a bigger drug than we appreciated.”

In December 2025, the U.S. Food and Drug Administration (FDA) approved Yartemlea (narsoplimab) for adults and children from two years of age with hematopoietic stem cell transplant-associated thrombotic microangiopathy (TA-TMA).

Strong Revenue Growth and Patient Adoption

In the second quarter, Yartemlea net revenue reached $28.5 million (a huge number according to Cantor), up 11% sequentially.

In July, the permanent Health Care Common Procedure Coding System J-code specific for Yartemlea became effective.

Also in July, the Centers for Medicare & Medicaid Services granted New Technology Add-on Payment (NTAP) status to Yartemlea, effective October 1, 2026.

The NTAP designation provides eligible hospitals with additional Medicare reimbursement for inpatient cases involving Yartemlea and is expected to support patient access to this first-in-class treatment for TA-TMA.

Analyst Olivia Brayer Saunders noted that physician feedback has been largely positive, supporting an estimated long-term market share of 30%-40%.

Yartemlea is also gaining meaningful traction among adults, which is notable given that similar transplant therapies, including Ryoncil and Defitelio, initially focused on pediatric patients before expanding into the adult market.

Analyst Raises Peak Sales Forecast to $400 Million

Analyst Saunders increased its numbers to around $400 million in peak sales, assuming 35%-40% of the U.S. market share and almost nothing from Europe.

Cantor highlights that the stock price is no more than around $350 million. Even after the move in the stock, investors are not fully giving Yartemlea credit for what this launch could become.

OMER Price Action: Omeros shares were up 11.84% to $20.68 at the time of publication on Tuesday. The stock is trading at a new 52-week high, according to Benzinga Pro data.

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