H.C. Wainwright analyst Raghuram Selvaraju believes the recent selloff in shares of Omeros appears unwarranted. Despite the favorable Omidira data, Omeros shares were down over 16% in market trading yesterday, Selvaraju tells investors in a research note. He believes the downside action was driven by "disappointment" that pass-through reimbursement status for Omidira was not formally extended by the Centers for Medicare and Medicaid Services. However, the pullback "appears to have been overdone and premature," says Selvaraju, who reiterates a Buy rating on Omeros with a $35 price target.