HC Wainwright Weighs in on Omega Therapeutics, Inc.'s Q1 2024 Earnings (NASDAQ:OMGA)

Omega Therapeutics, Inc. (NASDAQ:OMGA - Free Report) - Equities researchers at HC Wainwright upped their Q1 2024 EPS estimates for Omega Therapeutics in a research note issued to investors on Tuesday, April 30th. HC Wainwright analyst R. Burns now forecasts that the company will earn ($0.38) per share for the quarter, up from their prior estimate of ($0.49). HC Wainwright currently has a "Buy" rating and a $12.00 target price on the stock. The consensus estimate for Omega Therapeutics' current full-year earnings is ($1.37) per share. HC Wainwright also issued estimates for Omega Therapeutics' Q2 2024 earnings at ($0.37) EPS, Q3 2024 earnings at ($0.34) EPS, Q4 2024 earnings at ($0.31) EPS and FY2024 earnings at ($1.38) EPS.

Omega Therapeutics (NASDAQ:OMGA - Get Free Report) last issued its quarterly earnings data on Thursday, March 28th. The company reported ($0.37) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.46) by $0.09. The firm had revenue of $0.99 million during the quarter, compared to analysts' expectations of $0.93 million. Omega Therapeutics had a negative net margin of 3,147.92% and a negative return on equity of 110.41%.

Several other equities research analysts have also recently weighed in on OMGA. Piper Sandler reiterated an "overweight" rating and issued a $9.00 target price (down previously from $10.00) on shares of Omega Therapeutics in a research note on Wednesday, April 3rd. Wedbush reissued an "outperform" rating and set a $12.00 target price on shares of Omega Therapeutics in a research note on Thursday, January 4th. Finally, Chardan Capital lowered their target price on shares of Omega Therapeutics from $12.00 to $7.00 and set a "buy" rating for the company in a research note on Monday, April 1st.

Omega Therapeutics Stock Up 11.3 %

NASDAQ:OMGA traded up $0.28 during trading hours on Thursday, reaching $2.76. The company's stock had a trading volume of 695,776 shares, compared to its average volume of 1,694,156. The company has a debt-to-equity ratio of 0.26, a current ratio of 3.35 and a quick ratio of 3.35. Omega Therapeutics has a one year low of $1.30 and a one year high of $10.09. The business's 50-day moving average is $3.25 and its 200-day moving average is $2.95. The company has a market cap of $152.21 million, a price-to-earnings ratio of -1.52 and a beta of 1.99.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. 683 Capital Management LLC boosted its holdings in Omega Therapeutics by 7.0% during the third quarter. 683 Capital Management LLC now owns 508,242 shares of the company's stock worth $1,093,000 after purchasing an additional 33,242 shares during the last quarter. Murphy Pohlad Asset Management LLC bought a new stake in shares of Omega Therapeutics during the 4th quarter valued at about $50,000. Finally, Etfidea LLC purchased a new position in shares of Omega Therapeutics during the fourth quarter valued at approximately $39,000. 97.47% of the stock is currently 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.