Chardan Capital Weighs in on Omega Therapeutics, Inc.'s FY2024 Earnings (NASDAQ:OMGA)

Omega Therapeutics, Inc. (NASDAQ:OMGA - Free Report) - Investment analysts at Chardan Capital lifted their FY2024 earnings per share (EPS) estimates for shares of Omega Therapeutics in a note issued to investors on Monday, April 1st. Chardan Capital analyst K. Nakae now expects that the company will post earnings of ($1.31) per share for the year, up from their previous forecast of ($2.01). Chardan Capital has a "Buy" rating and a $7.00 price target on the stock. The consensus estimate for Omega Therapeutics' current full-year earnings is ($1.72) per share.

OMGA has been the topic of a number of other research reports. Wedbush restated an "outperform" rating and issued a $12.00 price target on shares of Omega Therapeutics in a report on Thursday, January 4th. Piper Sandler restated an "overweight" rating and set a $9.00 price objective (down previously from $10.00) on shares of Omega Therapeutics in a report on Wednesday.

Omega Therapeutics Stock Performance

OMGA traded up $0.14 on Thursday, hitting $3.02. 538,225 shares of the company traded hands, compared to its average volume of 2,116,722. The stock has a market capitalization of $166.57 million, a PE ratio of -1.67 and a beta of 1.83. The company has a 50 day moving average of $3.75 and a 200-day moving average of $2.92. Omega Therapeutics has a 12-month low of $1.30 and a 12-month high of $10.09. The company has a quick ratio of 3.80, a current ratio of 3.80 and a debt-to-equity ratio of 0.21.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OMGA. JPMorgan Chase & Co. raised its position in Omega Therapeutics by 102.8% in the first quarter. JPMorgan Chase & Co. now owns 18,230 shares of the company's stock valued at $113,000 after purchasing an additional 9,243 shares during the period. Bank of New York Mellon Corp increased its position in shares of Omega Therapeutics by 260.3% during the first quarter. Bank of New York Mellon Corp now owns 55,277 shares of the company's stock worth $344,000 after acquiring an additional 39,934 shares during the last quarter. Rhumbline Advisers purchased a new stake in shares of Omega Therapeutics during the first quarter worth about $96,000. BlackRock Inc. increased its position in shares of Omega Therapeutics by 84.7% during the first quarter. BlackRock Inc. now owns 1,905,388 shares of the company's stock worth $11,889,000 after acquiring an additional 873,823 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Omega Therapeutics by 148.6% during the first quarter. Vanguard Group Inc. now owns 852,304 shares of the company's stock worth $5,318,000 after acquiring an additional 509,492 shares during the last quarter. 97.47% of the stock is owned by hedge funds and other institutional investors.

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.