Omega Therapeutics (NASDAQ:OMGA) Downgraded to “Hold” at Zacks Investment Research

Omega Therapeutics (NASDAQ:OMGAGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “Omega Therapeutics Inc. is a development-stage biotechnology company. Its OMEGA Epigenomic Programming(TM) platform harness the power of epigenetics to develop a new class of DNA-sequence-targeting, mRNA-encoded programmable epigenetic medicines. Omega Therapeutics Inc. is based in CAMBRIDGE, Mass. “

Separately, Piper Sandler lowered their price target on Omega Therapeutics from $30.00 to $7.00 and set an “overweight” rating for the company in a research note on Monday. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $19.60.

Shares of NASDAQ:OMGA opened at $2.62 on Tuesday. The stock has a market capitalization of $125.36 million and a P/E ratio of -0.55. Omega Therapeutics has a 1-year low of $2.49 and a 1-year high of $31.41. The company has a current ratio of 15.23, a quick ratio of 15.23 and a debt-to-equity ratio of 0.11. The business has a 50-day moving average price of $5.04 and a two-hundred day moving average price of $10.48.

Omega Therapeutics (NASDAQ:OMGAGet Rating) last announced its quarterly earnings results on Thursday, March 10th. The company reported ($0.44) EPS for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.13. The company had revenue of $0.14 million during the quarter. As a group, equities analysts predict that Omega Therapeutics will post -2.17 EPS for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC bought a new stake in Omega Therapeutics during the 3rd quarter worth approximately $46,000. Citigroup Inc. increased its stake in Omega Therapeutics by 304.4% during the 4th quarter. Citigroup Inc. now owns 3,381 shares of the company’s stock worth $38,000 after purchasing an additional 2,545 shares in the last quarter. California State Teachers Retirement System bought a new stake in Omega Therapeutics during the 3rd quarter worth approximately $75,000. American International Group Inc. bought a new stake in Omega Therapeutics during the 3rd quarter worth approximately $76,000. Finally, Deutsche Bank AG bought a new stake in Omega Therapeutics during the 3rd quarter worth approximately $80,000. 88.85% of the stock is owned by institutional investors and hedge funds.

About Omega Therapeutics (Get Rating)

Omega Therapeutics, Inc operates as a development-stage biopharmaceutical company. Its OMEGA Epigenomic Programming platform is designed to coopt nature's operating system by harnessing the power of epigenetics, the mechanism for gene control and cell differentiation. The company is developing omega epigenomic controller (OEC) candidates to up-regulate the expression of HNF4a, a transcriptional master regulator as a potential way to restore liver-cell function in patients suffering from chronic liver diseases; to control the expression of genes that have been strongly linked to cell-growth inhibition in patients with diabetes and other conditions to restore the capacity for corneal regeneration; to down-regulate expression of the CXCL1, 2, 3, and IL-8 gene cluster; to control expression of genes implicated in patients with idiopathic pulmonary fibrosis to halt or reverse disease progression and improve disease outcomes; to down-regulate the expression of SFRP1, a protein that inhibits hair growth; and to treat non-small cell lung cancer and small cell lung cancer.

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