Raymond James Downgrades Omega Therapeutics (NASDAQ:OMGA) to Market Perform

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

Several other research analysts have also recently weighed in on the stock. Chardan Capital reduced their price target on shares of Omega Therapeutics from $7.00 to $6.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Piper Sandler lowered their price target on Omega Therapeutics from $9.00 to $4.00 and set an “overweight” rating on the stock in a research report on Friday. Wedbush reiterated an “outperform” rating and set a $12.00 price target on shares of Omega Therapeutics in a report on Wednesday, August 7th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Omega Therapeutics in a research report on Thursday, August 15th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $9.20.

Omega Therapeutics Trading Down 18.0 %

OMGA stock traded down $0.18 during midday trading on Friday, hitting $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 one year low of $0.77 and a one year high of $6.30. 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 company has a market cap of $45.69 million, a PE ratio of -0.62 and a beta of 1.84. The stock’s fifty day moving average price is $1.18 and its 200-day moving average price is $1.67.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OMGA. Ground Swell Capital LLC acquired a new stake in shares of Omega Therapeutics during the second quarter worth $40,000. Renaissance Technologies LLC acquired a new stake in Omega Therapeutics in the 2nd quarter worth about $266,000. XTX Topco Ltd acquired a new stake in Omega Therapeutics in the 2nd quarter worth about $174,000. Cubist Systematic Strategies LLC boosted its holdings in Omega Therapeutics by 78.2% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 31,617 shares of the company’s stock valued at $65,000 after purchasing an additional 13,873 shares during the period. Finally, Squarepoint Ops LLC acquired a new position in shares of Omega Therapeutics during the 2nd quarter worth approximately $460,000. 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.