Omega Therapeutics, Inc. (NASDAQ:OMGA) to Post Q1 2024 Earnings of ($0.38) Per Share, HC Wainwright Forecasts

Omega Therapeutics, Inc. (NASDAQ:OMGA) – Equities research analysts at HC Wainwright lifted their Q1 2024 earnings per share estimates for Omega Therapeutics in a research report issued on Tuesday, April 30th. HC Wainwright analyst R. Burns now expects that the company will post earnings per share of ($0.38) for the quarter, up from their prior estimate of ($0.49). HC Wainwright currently has a “Buy” rating and a $12.00 price target 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.

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

Omega Therapeutics Stock Performance

Shares of NASDAQ:OMGA opened at $2.48 on Thursday. Omega Therapeutics has a 12 month low of $1.30 and a 12 month high of $10.09. The company has a 50 day moving average of $3.27 and a 200 day moving average of $2.95. The company has a quick ratio of 3.35, a current ratio of 3.35 and a debt-to-equity ratio of 0.26.

Omega Therapeutics (NASDAQ:OMGA) last issued its quarterly earnings results on Thursday, March 28th. The company reported ($0.37) earnings per share (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 company had revenue of $0.99 million during the quarter, compared to analyst estimates of $0.93 million.

Institutional Trading of Omega Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. 683 Capital Management LLC grew its stake in shares of Omega Therapeutics by 7.0% during the third quarter. 683 Capital Management LLC now owns 508,242 shares of the company’s stock valued at $1,093,000 after buying an additional 33,242 shares during the last quarter. Murphy Pohlad Asset Management LLC purchased a new stake in shares of Omega Therapeutics during the fourth quarter valued at approximately $50,000. Finally, Etfidea LLC purchased a new stake in shares of Omega Therapeutics during the fourth quarter valued at approximately $39,000. 97.47% of the stock is 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.