Omega Therapeutics (NASDAQ:OMGA) Upgraded by Zacks Investment Research to “Buy”

Omega Therapeutics (NASDAQ:OMGAGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday, Zacks.com reports. The firm presently has a $3.00 target price on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 10.70% from the company’s previous close.

According to Zacks, “Omega Therapeutics Inc. is a development-stage biotechnology company. Its OMEGA Epigenomic Programming(TM) platform harness the power of epigenetics to develop a new class of DNA-sequence-targeting, mRNA-encoded programmable epigenetic medicines. Omega Therapeutics Inc. is based in CAMBRIDGE, Mass. “

Omega Therapeutics stock opened at $2.71 on Friday. The stock has a market cap of $129.67 million and a PE ratio of -0.57. The company has a debt-to-equity ratio of 0.11, a quick ratio of 15.23 and a current ratio of 15.23. Omega Therapeutics has a one year low of $2.49 and a one year high of $31.41. The stock has a fifty day moving average of $5.15 and a 200 day moving average of $10.82.

Omega Therapeutics (NASDAQ:OMGAGet Rating) last issued its quarterly earnings results on Thursday, March 10th. The company reported ($0.44) EPS for the quarter, topping analysts’ consensus estimates of ($0.57) by $0.13. The company had revenue of $0.14 million during the quarter. As a group, sell-side analysts predict that Omega Therapeutics will post -2.17 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Sphera Funds Management LTD. purchased a new position in Omega Therapeutics during the 3rd quarter worth $9,952,000. HarbourVest Partners LLC purchased a new position in shares of Omega Therapeutics in the 3rd quarter valued at $49,897,000. Millennium Management LLC acquired a new stake in shares of Omega Therapeutics in the 3rd quarter worth $4,121,000. Point72 Asset Management L.P. acquired a new stake in shares of Omega Therapeutics in the 3rd quarter worth $4,168,000. Finally, 72 Investment Holdings LLC acquired a new stake in shares of Omega Therapeutics in the 3rd quarter worth $6,653,000. Hedge funds and other institutional investors own 88.85% of the company’s stock.

About Omega Therapeutics (Get Rating)

Omega Therapeutics, Inc operates as a development-stage biopharmaceutical company. Its OMEGA Epigenomic Programming platform is designed to coopt nature's operating system by harnessing the power of epigenetics, the mechanism for gene control and cell differentiation. The company is developing omega epigenomic controller (OEC) candidates to up-regulate the expression of HNF4a, a transcriptional master regulator as a potential way to restore liver-cell function in patients suffering from chronic liver diseases; to control the expression of genes that have been strongly linked to cell-growth inhibition in patients with diabetes and other conditions to restore the capacity for corneal regeneration; to down-regulate expression of the CXCL1, 2, 3, and IL-8 gene cluster; to control expression of genes implicated in patients with idiopathic pulmonary fibrosis to halt or reverse disease progression and improve disease outcomes; to down-regulate the expression of SFRP1, a protein that inhibits hair growth; and to treat non-small cell lung cancer and small cell lung cancer.

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