Omeros falls 13.8% after CHMP issues negative opinion on narsoplimab

What happened

Omeros (OMER) fell 13.8% on October 16, 2026, after the European Medicines Agency’s Committee for Medicinal Products for Human Use issued a negative opinion following re‑examination of its marketing-authorization application for narsoplimab. The decline came as the compassionate‑use program ended, according to Business Wire and Benzinga. The stock opened 4.5% below the previous close and closed at $16.20 for the session. The move was a large, mostly company-specific one, coming after the CHMP action and the end of the compassionate‑use program.

How big was the move

Trading volume ran 3.3 times its 20-day average, and the session’s price change was 2.7 times a typical daily move for this stock. Over the last five sessions the stock fell 18.3%; by comparison the S&P 500 fell 1.9% over five sessions and the healthcare sector median fell 3.1% on the day, leaving the stock 10.7 percentage points worse than the sector median on the session. The S&P 500 fell 1.1% on the day. Omeros has a beta of 1.41, indicating the stock tends to move more than the market. In the past five years the stock had 16 sessions with a decline of at least 13.8%; twenty trading days later the median result was a decline of 2.6%, and 7 of 16 were higher.

The technical picture

The stock closed 15.3% below its 20-day moving average and 11.4% below its 50-day moving average, while remaining 21.5% above its 200-day moving average. The 50-day average is above the 200-day average, a sign of an established uptrend, and the stock had spent 59 consecutive trading days above the 200-day average. The Relative Strength Index over 14 days was 35, in a neutral range between 30 and 70. Over one month the stock fell 12.2%, over three months it rose 68.2%, and over one year it rose 55.5%, which is 40.7 percentage points ahead of the S&P 500. Volatility was 82% annualized over 60 days, lower than 73% of its own readings over five years. The move left the stock 23.7% below its 52-week high.

Fundamentals and valuation

For the four quarters through June 30, 2026, the company reported revenue of $38.4 million and diluted earnings per share of $1.72. Gross margin was 95.8% and operating margin was 189.5%, with a free-cash-flow margin of 178.9% and return on invested capital of 31.1%. The balance sheet showed net debt of 0.6 times EBITDA and share count over one year increased by 53.0%. Valuation metrics included a price to trailing earnings of 9.4 times trailing earnings and a price to forward earnings of 17.9 times expected earnings; the price to trailing earnings was higher than 90% of its own readings over the past five years, where the five-year median was 4.5 times earnings. Free-cash-flow yield was 4.8%.

Earnings and analyst expectations

Omeros last reported on August 13, 2026, posting earnings per share of $0.15 against $-0.27 expected, 155.9% above estimates, marking five consecutive quarters beating estimates and an average surprise over the last four reports of 100.0% above estimates. The typical two-day reaction after recent reports was that the stock rose 1.9%. The next report is scheduled for November 12, 2026. Nineteen analysts cover the stock with a consensus rating of Buy; 63% of ratings were Buy and the consensus price target was $27.50, 69.8% above the closing price.

What to watch

• November 12, 2026: next quarterly report date.
• CHMP action and any company responses or appeals following the negative opinion on the narsoplimab marketing application.
• Changes in trading volume relative to 20-day average, currently 3.3 times its 20-day average.
• Any regulatory updates tied to the end of the compassionate‑use program and subsequent access or labeling decisions.
• Analysts’ revisions to forward earnings and the consensus price target, currently $27.50.