Omega Therapeutics (NASDAQ:OMGA) Issues Earnings Results, Beats Estimates By $0.06 EPS

Omega Therapeutics (NASDAQ:OMGA) issued its quarterly earnings results on Tuesday. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.06, Zacks reports. The company had revenue of $2.13 million during the quarter, compared to the consensus estimate of $1.25 million. Omega Therapeutics had a negative net margin of 1,868.35% and a negative return on equity of 136.04%.

Omega Therapeutics Price Performance

Shares of Omega Therapeutics stock traded down $0.12 on Wednesday, hitting $1.53. The company’s stock had a trading volume of 208,592 shares, compared to its average volume of 1,162,003. Omega Therapeutics has a 52-week low of $1.30 and a 52-week high of $6.30. The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 0.34. The firm has a fifty day moving average price of $1.98 and a 200-day moving average price of $2.77. The company has a market capitalization of $84.39 million, a P/E ratio of -0.92 and a beta of 1.90.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on OMGA shares. HC Wainwright restated a “buy” rating and set a $12.00 price objective on shares of Omega Therapeutics in a research report on Monday, May 13th. Chardan Capital reduced their price objective on shares of Omega Therapeutics from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Wednesday. Raymond James initiated coverage on shares of Omega Therapeutics in a research report on Tuesday, June 18th. They set an “outperform” rating and a $12.00 price objective for the company. Finally, Wedbush reaffirmed an “outperform” rating and issued a $12.00 target price on shares of Omega Therapeutics in a report on Wednesday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $10.20.

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.