Omega Therapeutics (NASDAQ:OMGA) Downgraded by Raymond James to “Market Perform”

Raymond James lowered shares of Omega Therapeutics (NASDAQ:OMGA) from an outperform rating to a market perform rating in a research note released on Friday morning, MarketBeat reports.

OMGA has been the subject of several other research reports. Wedbush restated an “outperform” rating and set a $12.00 target price on shares of Omega Therapeutics in a research report on Wednesday, August 7th. HC Wainwright restated a “buy” rating and issued a $12.00 target price on shares of Omega Therapeutics in a research note on Thursday, August 15th. Chardan Capital dropped their target price on shares of Omega Therapeutics from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Finally, Piper Sandler cut their price target on shares of Omega Therapeutics from $9.00 to $4.00 and set an “overweight” rating for the company in a report on Friday. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.20.

Omega Therapeutics Price Performance

NASDAQ OMGA traded down $0.18 on Friday, reaching $0.83. The company’s stock had a trading volume of 1,365,246 shares, compared to its average volume of 871,851. Omega Therapeutics has a 52 week low of $0.77 and a 52 week high of $6.30. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 0.49. The firm has a market cap of $45.69 million, a PE ratio of -0.62 and a beta of 1.84. The business has a 50-day moving average price of $1.18 and a 200 day moving average price of $1.67.

Institutional Investors Weigh In On Omega Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OMGA. Cubist Systematic Strategies LLC lifted its position in shares of 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 purchasing an additional 13,873 shares in the last quarter. Ground Swell Capital LLC acquired a new position in Omega Therapeutics during the 2nd quarter worth $40,000. Green Alpha Advisors LLC acquired a new position in Omega Therapeutics during the 3rd quarter worth $76,000. XTX Topco Ltd bought a new position in Omega Therapeutics in the 2nd quarter valued at $174,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Omega Therapeutics in the 2nd quarter valued at $266,000. Institutional investors and hedge funds 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.