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

Omega Therapeutics, Inc. (NASDAQ:OMGA) – HC Wainwright boosted their Q1 2024 earnings per share (EPS) estimates for Omega Therapeutics in a report released on Tuesday, April 30th. HC Wainwright analyst R. Burns now anticipates that the company will earn ($0.38) per share for the quarter, up from their previous forecast of ($0.49). HC Wainwright currently has a “Buy” rating and a $12.00 price objective on the stock. The consensus estimate for Omega Therapeutics’ current full-year earnings is ($1.29) 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) last announced its earnings results on Thursday, March 28th. The company reported ($0.37) EPS for the quarter, topping the consensus estimate of ($0.46) by $0.09. Omega Therapeutics had a negative net margin of 3,147.92% and a negative return on equity of 110.41%. The firm had revenue of $0.99 million for the quarter, compared to the consensus estimate of $0.93 million.

Other analysts have also issued reports about the company. Piper Sandler restated an “overweight” rating and issued a $9.00 price target (down from $10.00) on shares of Omega Therapeutics in a report on Wednesday, April 3rd. Chardan Capital cut their price objective on shares of Omega Therapeutics from $12.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, April 1st.

Omega Therapeutics Trading Down 6.5 %

OMGA opened at $2.58 on Thursday. The stock has a market capitalization of $142.29 million, a P/E ratio of -1.43 and a beta of 1.99. The company has a current ratio of 3.35, a quick ratio of 3.35 and a debt-to-equity ratio of 0.26. Omega Therapeutics has a 12 month low of $1.30 and a 12 month high of $10.09. The firm’s fifty day simple moving average is $3.23 and its 200 day simple moving average is $2.96.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of OMGA. Etfidea LLC acquired a new stake in Omega Therapeutics during the 4th quarter valued at $39,000. Murphy Pohlad Asset Management LLC acquired a new position in Omega Therapeutics in the 4th quarter valued at about $50,000. Finally, 683 Capital Management LLC raised its holdings in Omega Therapeutics by 7.0% in the 3rd quarter. 683 Capital Management LLC now owns 508,242 shares of the company’s stock valued at $1,093,000 after acquiring an additional 33,242 shares during the period. Institutional investors own 97.47% of the company’s stock.

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.