Omega Therapeutics (NASDAQ:OMGA) Given New $4.00 Price Target at Piper Sandler

Omega Therapeutics (NASDAQ:OMGA) had its price objective trimmed by Piper Sandler from $9.00 to $4.00 in a report published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research analysts have also recently weighed in on OMGA. Chardan Capital cut their price objective on shares of Omega Therapeutics from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. HC Wainwright reiterated a “buy” rating and set a $12.00 price objective on shares of Omega Therapeutics in a research report on Thursday, August 15th. Finally, Wedbush reiterated an “outperform” rating and set a $12.00 price objective on shares of Omega Therapeutics in a research report on Wednesday, August 7th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $9.20.

Omega Therapeutics Price Performance

Shares of OMGA stock traded down $0.18 during mid-day trading on Friday, hitting $0.83. The company 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 stock’s 50 day moving average price is $1.18 and its 200-day moving average price is $1.67. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.19 and a quick ratio of 2.19. The company has a market capitalization of $45.69 million, a P/E ratio of -0.62 and a beta of 1.84.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in OMGA. Ground Swell Capital LLC bought a new position in Omega Therapeutics during the 2nd quarter worth about $40,000. Cubist Systematic Strategies LLC raised its position in shares of 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 last quarter. Green Alpha Advisors LLC purchased 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 in the 2nd quarter valued at approximately $174,000. Finally, Renaissance Technologies LLC purchased a new position in shares of Omega Therapeutics in the 2nd quarter valued at approximately $266,000. 97.47% of the stock is currently owned by 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.