Omega Therapeutics (NASDAQ:OMGA) Receives Outperform Rating from Wedbush

Wedbush reissued their outperform rating on shares of Omega Therapeutics (NASDAQ:OMGA) in a report issued on Monday, RTT News reports. The firm currently has a $12.00 price target on the stock. Wedbush also issued estimates for Omega Therapeutics’ Q2 2024 earnings at ($0.40) EPS, Q3 2024 earnings at ($0.25) EPS, Q4 2024 earnings at ($0.23) EPS, FY2024 earnings at ($1.18) EPS, Q1 2025 earnings at ($0.20) EPS, Q2 2025 earnings at ($0.20) EPS, Q3 2025 earnings at ($0.21) EPS, Q4 2025 earnings at ($0.22) EPS and FY2025 earnings at ($0.83) EPS.

A number of other brokerages have also issued reports on OMGA. Chardan Capital lowered their target price on shares of Omega Therapeutics from $12.00 to $7.00 and set a buy rating for the company in a research note on Monday, April 1st. Piper Sandler reissued an overweight rating and issued a $9.00 price objective (down from $10.00) on shares of Omega Therapeutics in a research report on Wednesday, April 3rd. Finally, HC Wainwright restated a buy rating and issued a $12.00 target price on shares of Omega Therapeutics in a research note on Tuesday, April 30th.

Omega Therapeutics Stock Up 1.2 %

Shares of NASDAQ:OMGA opened at $2.17 on Monday. The firm has a market capitalization of $119.68 million, a PE ratio of -1.20 and a beta of 1.99. The business has a 50 day simple moving average of $3.07 and a two-hundred day simple moving average of $2.97. Omega Therapeutics has a 1 year low of $1.30 and a 1 year high of $10.09. The company has a debt-to-equity ratio of 0.26, a current ratio of 3.35 and a quick ratio of 3.35.

Omega Therapeutics (NASDAQ:OMGA) last issued its quarterly earnings results on Thursday, March 28th. The company reported ($0.37) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.09. Omega Therapeutics had a negative return on equity of 110.41% and a negative net margin of 3,147.92%. The firm had revenue of $0.99 million during the quarter, compared to analyst estimates of $0.93 million. On average, equities analysts predict that Omega Therapeutics will post -1.29 EPS for the current year.

Hedge Funds Weigh In On Omega Therapeutics

Institutional investors have recently made changes to their positions in the company. 683 Capital Management LLC lifted its stake in Omega Therapeutics by 7.0% in the third quarter. 683 Capital Management LLC now owns 508,242 shares of the company’s stock worth $1,093,000 after acquiring an additional 33,242 shares during the period. Murphy Pohlad Asset Management LLC bought a new stake in shares of Omega Therapeutics in the 4th quarter valued at about $50,000. Finally, Etfidea LLC bought a new stake in shares of Omega Therapeutics in the 4th quarter valued at about $39,000. Hedge funds and other institutional investors own 97.47% of the company’s stock.

About Omega Therapeutics

Omega Therapeutics, Inc operates as a clinical-stage biotechnology company. The company's OMEGA platform enables control of fundamental epigenetic processes to correct the root cause of disease by restoring aberrant gene expression to a range without altering native nucleic acid sequences. It also develops OTX-2002 for hepatocellular carcinoma; OTX-2101 for non-small cell lung cancer; omega epigenomic controllers (OEC) for inflammatory lung diseases, such as neutrophilic asthma, acute respiratory distress syndrome, dermatological, oncology, and rheumatological indications; OEC candidates for idiopathic pulmonary fibrosis; liver regeneration medicines; and OEC candidates for patients with diabetes and other conditions to treat corneal epithelial injury.