Omega Therapeutics (NASDAQ:OMGA) Trading Down 0.9% - Here's What Happened

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

Analyst Ratings Changes

Several equities analysts have commented on OMGA shares. Chardan Capital dropped their price target on shares of Omega Therapeutics from $7.00 to $6.00 and set a "buy" rating on the stock in a research note on Wednesday, August 7th. Wedbush reiterated an "outperform" rating and issued a $12.00 price target on shares of Omega Therapeutics in a research note on Wednesday, August 7th. Finally, HC Wainwright reiterated a "buy" rating and issued a $12.00 price target on shares of Omega Therapeutics in a research note on Thursday, August 15th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Omega Therapeutics currently has a consensus rating of "Buy" and a consensus price target of $10.20.

Omega Therapeutics Stock Performance

The company has a market cap of $59.57 million, a PE ratio of -0.78 and a beta of 1.84. 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's 50-day simple moving average is $1.22 and its 200 day simple moving average is $1.72.

Omega Therapeutics (NASDAQ:OMGA - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.13 million for the quarter, compared to analysts' expectations of $1.25 million. As a group, equities analysts anticipate that Omega Therapeutics, Inc. will post -1.23 EPS for the current year.

Institutional Investors Weigh In On Omega Therapeutics

Several hedge funds have recently modified their holdings of OMGA. Squarepoint Ops LLC acquired a new stake in shares of Omega Therapeutics during the 2nd quarter worth about $460,000. Renaissance Technologies LLC acquired a new stake in Omega Therapeutics in the second quarter worth about $266,000. XTX Topco Ltd purchased a new stake in shares of Omega Therapeutics in the second quarter worth approximately $174,000. Green Alpha Advisors LLC purchased a new stake in shares of Omega Therapeutics in the third quarter worth approximately $76,000. Finally, Ground Swell Capital LLC purchased a new stake in shares of Omega Therapeutics in the second quarter worth approximately $40,000. 97.47% of the stock is owned by institutional investors and hedge funds.

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.