Omega Therapeutics (NASDAQ:OMGA) Price Target Cut to $4.00 by Analysts at Piper Sandler

Omega Therapeutics (NASDAQ:OMGA) had its price target decreased by Piper Sandler from $9.00 to $4.00 in a report issued on Friday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

A number of other equities research analysts have also recently commented on the stock. Chardan Capital dropped their price objective 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 reaffirmed an “outperform” rating and set a $12.00 price objective on shares of Omega Therapeutics in a research note on Wednesday, August 7th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $12.00 price objective on shares of Omega Therapeutics in a research note on Thursday, August 15th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $9.20.

Omega Therapeutics Stock Performance

OMGA traded down $0.18 during trading on Friday, reaching $0.83. 1,365,246 shares of the company’s stock were exchanged, compared to its average volume of 871,851. Omega Therapeutics has a 1 year low of $0.77 and a 1 year high of $6.30. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.19 and a quick ratio of 2.19. The stock has a market capitalization of $45.69 million, a P/E ratio of -0.62 and a beta of 1.84. The company’s fifty day simple moving average is $1.18 and its 200-day simple moving average is $1.67.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ground Swell Capital LLC purchased a new position in Omega Therapeutics in the 2nd quarter valued at $40,000. Cubist Systematic Strategies LLC raised its holdings in shares of Omega Therapeutics by 78.2% during the 2nd 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. Green Alpha Advisors LLC purchased a new position in shares of Omega Therapeutics during the 3rd quarter worth $76,000. XTX Topco Ltd purchased a new position in shares of Omega Therapeutics during the 2nd quarter worth $174,000. Finally, Renaissance Technologies LLC purchased a new position in shares of Omega Therapeutics during the 2nd quarter worth $266,000. Hedge funds and other 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.