Platinum Investment Management Ltd. reduced its position in Omega Therapeutics, Inc. (NASDAQ:OMGA – Free Report) by 3.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 888,335 shares of the company’s stock after selling 34,956 shares during the period. Platinum Investment Management Ltd. owned about 1.61% of Omega Therapeutics worth $4,975,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position in Omega Therapeutics by 1,166.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 21,323 shares of the company’s stock worth $119,000 after purchasing an additional 19,639 shares during the last quarter. Northern Trust Corp boosted its position in Omega Therapeutics by 418.9% during the second quarter. Northern Trust Corp now owns 204,311 shares of the company’s stock worth $1,144,000 after purchasing an additional 164,939 shares during the period. MetLife Investment Management LLC acquired a new position in Omega Therapeutics during the second quarter valued at approximately $77,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Omega Therapeutics during the second quarter valued at approximately $84,000. Finally, Charles Schwab Investment Management Inc. bought a new position in shares of Omega Therapeutics in the second quarter valued at approximately $365,000. 92.68% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on the stock. HC Wainwright raised their target price on shares of Omega Therapeutics from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Monday, November 13th. Wedbush cut their price objective on Omega Therapeutics from $19.00 to $12.00 and set an “outperform” rating for the company in a research report on Friday, November 10th. Finally, Chardan Capital restated a “buy” rating and set a $12.00 target price on shares of Omega Therapeutics in a research note on Friday, August 4th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $11.40.
Omega Therapeutics Stock Performance
Shares of Omega Therapeutics stock traded down $0.07 during midday trading on Tuesday, hitting $1.93. The company had a trading volume of 36,329 shares, compared to its average volume of 143,349. The business’s 50 day simple moving average is $2.08 and its two-hundred day simple moving average is $4.55. The stock has a market cap of $106.42 million, a PE ratio of -0.96 and a beta of 1.08. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.80 and a quick ratio of 3.80. Omega Therapeutics, Inc. has a 1-year low of $1.30 and a 1-year high of $11.98.
Omega Therapeutics (NASDAQ:OMGA – Get Free Report) last announced its quarterly earnings data on Thursday, November 9th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.16. The business had revenue of $0.83 million for the quarter, compared to the consensus estimate of $0.75 million. Omega Therapeutics had a negative net margin of 3,802.89% and a negative return on equity of 107.79%. As a group, equities analysts predict that Omega Therapeutics, Inc. will post -1.95 EPS for the current fiscal year.
Omega Therapeutics 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.
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