Point72 Asset Management L.P. Sells 13,380 Shares of Omega Therapeutics, Inc. (NASDAQ:OMGA)

Point72 Asset Management L.P. lessened its holdings in Omega Therapeutics, Inc. (NASDAQ:OMGA) by 10.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 116,009 shares of the company’s stock after selling 13,380 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.21% of Omega Therapeutics worth $240,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ground Swell Capital LLC bought a new position in Omega Therapeutics during the 2nd quarter worth approximately $40,000. Cubist Systematic Strategies LLC boosted its stake in Omega Therapeutics by 78.2% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 31,617 shares of the company’s stock worth $65,000 after acquiring an additional 13,873 shares during the last quarter. XTX Topco Ltd bought a new position in Omega Therapeutics during the 2nd quarter worth approximately $174,000. Renaissance Technologies LLC bought a new position in Omega Therapeutics during the 2nd quarter worth approximately $266,000. Finally, Squarepoint Ops LLC bought a new position in Omega Therapeutics during the 2nd quarter worth approximately $460,000. Institutional investors own 97.47% of the company’s stock.

Omega Therapeutics Price Performance

NASDAQ OMGA opened at $1.12 on Friday. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 0.49. Omega Therapeutics, Inc. has a 12-month low of $1.07 and a 12-month high of $6.30. The company has a market capitalization of $61.77 million, a PE ratio of -0.67 and a beta of 1.84. The firm’s 50 day moving average is $1.43 and its 200-day moving average is $2.03.

Omega Therapeutics (NASDAQ:OMGA) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.06. Omega Therapeutics had a negative net margin of 1,249.54% and a negative return on equity of 156.48%. The company had revenue of $2.13 million for the quarter, compared to the consensus estimate of $1.25 million. Equities research analysts anticipate that Omega Therapeutics, Inc. will post -1.23 earnings per share for the current fiscal year.

Analysts Set New Price Targets

OMGA has been the topic of a number of research reports. Raymond James initiated coverage on shares of Omega Therapeutics in a research note on Tuesday, June 18th. They issued an “outperform” rating and a $12.00 price target on the stock. Chardan Capital cut their price target on shares of Omega Therapeutics from $7.00 to $6.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and issued a $12.00 price target on shares of Omega Therapeutics in a research note on Wednesday, August 7th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $12.00 price target on shares of Omega Therapeutics in a research note on Thursday, August 15th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus 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.