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

Omega Therapeutics (NASDAQ:OMGA) was downgraded by research analysts at Raymond James from an “outperform” rating to a “market perform” rating in a research note issued on Friday, MarketBeat reports.

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

Omega Therapeutics Stock Down 18.0 %

OMGA stock opened at $0.83 on Friday. Omega Therapeutics has a one year low of $0.77 and a one year high of $6.30. 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 has a 50 day moving average price of $1.18 and a two-hundred day moving average price of $1.67. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.19 and a current ratio of 2.19.

Hedge Funds Weigh In On Omega Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ground Swell Capital LLC purchased a new position in shares of Omega Therapeutics in the second quarter valued at $40,000. Cubist Systematic Strategies LLC increased its holdings in 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 purchasing an additional 13,873 shares during the last quarter. Green Alpha Advisors LLC acquired a new position in shares of Omega Therapeutics in the 3rd quarter valued at approximately $76,000. XTX Topco Ltd purchased a new position in shares of Omega Therapeutics during the 2nd quarter valued at approximately $174,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Omega Therapeutics in the second quarter worth $266,000. 97.47% of the stock is owned by institutional investors and hedge funds.

Omega Therapeutics Company Profile

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.