Omega Therapeutics (NASDAQ:OMGA) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

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

Omega Therapeutics Trading Down 7.0 %

Shares of NASDAQ:OMGA traded down $0.12 during midday trading on Wednesday, reaching $1.53. The company’s stock had a trading volume of 208,592 shares, compared to its average volume of 1,162,003. The firm has a market capitalization of $84.39 million, a price-to-earnings ratio of -0.92 and a beta of 1.90. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.87 and a current ratio of 2.87. The firm has a 50 day moving average price of $1.98 and a two-hundred day moving average price of $2.77. Omega Therapeutics has a fifty-two week low of $1.30 and a fifty-two week high of $6.30.

Wall Street Analysts Forecast Growth

Several research analysts have commented on OMGA shares. Chardan Capital cut their target price on Omega Therapeutics from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday. Wedbush reaffirmed an “outperform” rating and set a $12.00 target price on shares of Omega Therapeutics in a report on Wednesday. Raymond James started coverage on Omega Therapeutics in a report on Tuesday, June 18th. They set an “outperform” rating and a $12.00 target price on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $12.00 target price on shares of Omega Therapeutics in a report on Monday, May 13th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Omega Therapeutics has a consensus rating of “Buy” and a consensus target price 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.