Omega Therapeutics (NASDAQ:OMGA) Stock Price Down 0.9% – Should You Sell?

Omega Therapeutics, Inc. (NASDAQ:OMGA)’s share price dropped 0.9% on Thursday . The stock traded as low as $1.08 and last traded at $1.12. Approximately 156,117 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 884,092 shares. The stock had previously closed at $1.13.

Wall Street Analyst Weigh In

OMGA has been the topic of several research analyst reports. Wedbush reaffirmed an “outperform” rating and issued a $12.00 price target on shares of Omega Therapeutics in a report on Wednesday, August 7th. Chardan Capital decreased their price target on shares of Omega Therapeutics from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $12.00 price target on shares of Omega Therapeutics in a report on Thursday, August 15th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $10.20.

Omega Therapeutics Price Performance

The firm’s 50-day moving average is $1.22 and its 200-day moving average is $1.72. The company has a market capitalization of $61.77 million, a PE ratio of -0.78 and a beta of 1.84. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 0.49.

Omega Therapeutics (NASDAQ:OMGA) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.06. Omega Therapeutics had a negative net margin of 1,249.54% and a negative return on equity of 156.48%. The business had revenue of $2.13 million during the quarter, compared to analyst estimates of $1.25 million. Equities analysts predict that Omega Therapeutics, Inc. will post -1.23 earnings per share for the current fiscal year.

Institutional Trading of Omega Therapeutics

Institutional investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC boosted its holdings in shares of Omega Therapeutics by 78.2% during the second quarter. Cubist Systematic Strategies LLC now owns 31,617 shares of the company’s stock worth $65,000 after purchasing an additional 13,873 shares during the period. Renaissance Technologies LLC bought a new position in Omega Therapeutics in the second quarter worth about $266,000. XTX Topco Ltd bought a new position in shares of Omega Therapeutics during the second quarter valued at approximately $174,000. Ground Swell Capital LLC bought a new position in shares of Omega Therapeutics during the second quarter valued at approximately $40,000. Finally, Squarepoint Ops LLC bought a new position in shares of Omega Therapeutics during the second quarter valued at approximately $460,000. 97.47% of the stock is currently owned by hedge funds and other institutional investors.

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.