Omega Therapeutics (NASDAQ:OMGA) Shares Down 7.1% – Here’s What Happened

Omega Therapeutics, Inc. (NASDAQ:OMGA)’s stock price traded down 7.1% on Friday . The company traded as low as $0.10 and last traded at $0.12. 12,390,007 shares changed hands during trading, an increase of 432% from the average session volume of 2,331,065 shares. The stock had previously closed at $0.12.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on OMGA. Piper Sandler cut their target price on Omega Therapeutics from $9.00 to $4.00 and set an “overweight” rating on the stock in a research report on Friday, November 15th. Raymond James downgraded Omega Therapeutics from an “outperform” rating to a “market perform” rating in a report on Friday, November 15th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Omega Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $9.20.

Omega Therapeutics Stock Performance

The stock has a market capitalization of $6.42 million, a PE ratio of -0.09 and a beta of 1.65. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.61 and a current ratio of 1.61. The firm’s 50 day moving average is $0.71 and its two-hundred day moving average is $1.09.

Institutional Trading of Omega Therapeutics

A hedge fund recently bought a new stake in Omega Therapeutics stock. Renaissance Technologies LLC bought a new position in shares of Omega Therapeutics, Inc. (NASDAQ:OMGA) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 128,400 shares of the company’s stock, valued at approximately $266,000. Renaissance Technologies LLC owned approximately 0.23% of Omega Therapeutics at the end of the most recent reporting period. 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.