Omeros Over-Promises and Under-Delivers

Two stocks in the biotech/healthcare space were pummeled today after receiving negative news. First up is Omeros (OMER), which disseminated a misleading press release stating that they had additional “positive” data on their study of OMS721. However, those positive points were greatly outweighed by the fact that the study showed very little effect for the treatment vs. placebo for the majority of patients tested. As a result, the stock is down well over -34% and likely to go much lower based upon current volume and momentum. Akorn (AKRX) was also down big due to a judgment against it. Here’s a recap of what happened for both stocks.