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

Omega Therapeutics, Inc. (NASDAQ:OMGA) – Analysts at HC Wainwright increased their Q1 2024 EPS estimates for Omega Therapeutics in a research report issued to clients and investors on Tuesday, April 30th. HC Wainwright analyst R. Burns now forecasts that the company will post earnings per share of ($0.38) for the quarter, up from their prior estimate of ($0.49). HC Wainwright has a “Buy” rating and a $12.00 price objective on the stock. The consensus estimate for Omega Therapeutics’ current full-year earnings is ($1.37) 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.

OMGA has been the subject of several other research reports. Wedbush reiterated an “outperform” rating and issued a $12.00 price target on shares of Omega Therapeutics in a report on Thursday, January 4th. Chardan Capital lowered their target price on Omega Therapeutics from $12.00 to $7.00 and set a “buy” rating for the company in a report on Monday, April 1st. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $9.00 price objective (down from $10.00) on shares of Omega Therapeutics in a research report on Wednesday, April 3rd.

Omega Therapeutics Price Performance

Shares of OMGA opened at $2.48 on Thursday. The stock has a 50 day simple moving average of $3.27 and a 200 day simple moving average of $2.95. Omega Therapeutics has a 52-week low of $1.30 and a 52-week high of $10.09. 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 (NASDAQ:OMGA) last issued its quarterly earnings data on Thursday, March 28th. The company reported ($0.37) earnings per share (EPS) for the quarter, beating 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%.

Hedge Funds Weigh In On Omega Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of OMGA. 683 Capital Management LLC boosted its holdings 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 worth $1,093,000 after acquiring an additional 33,242 shares during the period. Murphy Pohlad Asset Management LLC bought a new stake in Omega Therapeutics in the 4th quarter valued at $50,000. Finally, Etfidea LLC acquired a new position in Omega Therapeutics in the 4th quarter valued at $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.