HC Wainwright Comments on Omega Therapeutics, Inc.’s Q3 2024 Earnings (NASDAQ:OMGA)

Omega Therapeutics, Inc. (NASDAQ:OMGA) – Stock analysts at HC Wainwright increased their Q3 2024 earnings estimates for Omega Therapeutics in a research note issued to investors on Thursday, August 15th. HC Wainwright analyst R. Burns now forecasts that the company will post earnings of ($0.29) per share for the quarter, up from their prior forecast of ($0.33). HC Wainwright currently has a “Buy” rating and a $12.00 target price on the stock. The consensus estimate for Omega Therapeutics’ current full-year earnings is ($1.26) per share. HC Wainwright also issued estimates for Omega Therapeutics’ Q4 2024 earnings at ($0.28) EPS, FY2024 earnings at ($1.23) EPS, Q1 2025 earnings at ($0.28) EPS, Q2 2025 earnings at ($0.29) EPS, Q3 2025 earnings at ($0.27) EPS, Q4 2025 earnings at ($0.26) EPS and FY2025 earnings at ($1.11) EPS.

A number of other brokerages have also recently issued reports on OMGA. Chardan Capital dropped 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. Raymond James initiated coverage on shares of Omega Therapeutics in a research report on Tuesday, June 18th. They set an “outperform” rating and a $12.00 price target on the stock. Finally, Wedbush reissued an “outperform” rating and issued a $12.00 price objective on shares of Omega Therapeutics in a research report on Wednesday, August 7th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Omega Therapeutics has an average rating of “Buy” and an average target price of $10.20.

Omega Therapeutics Stock Performance

Shares of NASDAQ OMGA opened at $1.56 on Monday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.19 and a current ratio of 2.19. The stock has a 50 day moving average price of $1.90 and a 200 day moving average price of $2.63. The stock has a market capitalization of $86.03 million, a PE ratio of -0.93 and a beta of 1.90. Omega Therapeutics has a 52 week low of $1.30 and a 52 week high of $6.30.

Omega Therapeutics (NASDAQ:OMGA) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.06. The company had revenue of $2.13 million during the quarter, compared to the consensus estimate of $1.25 million. Omega Therapeutics had a negative net margin of 1,249.54% and a negative return on equity of 156.48%.

Institutional Trading of Omega Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Squarepoint Ops LLC bought a new stake in Omega Therapeutics in the 2nd quarter valued at $460,000. Renaissance Technologies LLC acquired a new stake in shares of Omega Therapeutics during the second quarter worth $266,000. XTX Topco Ltd bought a new stake in shares of Omega Therapeutics in the second quarter valued at about $174,000. Ground Swell Capital LLC acquired a new position in shares of Omega Therapeutics in the second quarter valued at about $40,000. Finally, Cubist Systematic Strategies LLC increased its position in 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 acquiring an additional 13,873 shares during the period. 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.