Raymond James Downgrades Omega Therapeutics (NASDAQ:OMGA) to Market Perform

Raymond James cut shares of Omega Therapeutics (NASDAQ:OMGA) from an outperform rating to a market perform rating in a report issued on Friday morning, MarketBeat Ratings reports.

Several other brokerages have also recently issued reports on OMGA. HC Wainwright restated a “buy” rating and set a $12.00 price objective on shares of Omega Therapeutics in a research note on Thursday, August 15th. Wedbush restated an “outperform” rating and set a $12.00 price objective on shares of Omega Therapeutics in a research note on Wednesday, August 7th. Piper Sandler reduced their price objective on Omega Therapeutics from $9.00 to $4.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Chardan Capital reduced their price objective on Omega Therapeutics from $7.00 to $6.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.20.

Omega Therapeutics Stock Down 18.0 %

OMGA stock opened at $0.83 on Friday. Omega Therapeutics has a twelve month low of $0.77 and a twelve month high of $6.30. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $45.69 million, a P/E ratio of -0.62 and a beta of 1.84. The firm has a 50 day simple moving average of $1.18 and a 200-day simple moving average of $1.66.

Institutional Investors Weigh In On Omega Therapeutics

A number of hedge funds have recently added to or reduced their stakes in OMGA. Ground Swell Capital LLC bought a new stake in Omega Therapeutics in the second quarter valued at $40,000. Cubist Systematic Strategies LLC lifted its stake in Omega Therapeutics by 78.2% in the second quarter. Cubist Systematic Strategies LLC now owns 31,617 shares of the company’s stock valued at $65,000 after buying an additional 13,873 shares during the last quarter. Green Alpha Advisors LLC bought a new stake in Omega Therapeutics in the third quarter valued at $76,000. XTX Topco Ltd bought a new stake in Omega Therapeutics in the second quarter valued at $174,000. Finally, Renaissance Technologies LLC bought a new stake in Omega Therapeutics in the second quarter valued at $266,000. 97.47% of the stock is currently owned by 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.