Omega Therapeutics (NASDAQ:OMGA) Stock Price Down 7.1% – Should You Sell?

Omega Therapeutics, Inc. (NASDAQ:OMGA) shares were down 7.1% on Friday . The company traded as low as $0.10 and last traded at $0.12. Approximately 12,390,007 shares changed hands during trading, an increase of 432% from the average daily volume of 2,331,065 shares. The stock had previously closed at $0.12.

Analysts Set New Price Targets

Several brokerages recently issued reports on OMGA. Piper Sandler dropped their price objective on shares of Omega Therapeutics from $9.00 to $4.00 and set an “overweight” rating for the company in a research note on Friday, November 15th. Raymond James cut Omega Therapeutics from an “outperform” rating to a “market perform” rating in a report on Friday, November 15th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Omega Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $9.20.

Omega Therapeutics Stock Performance

The firm has a market cap of $6.42 million, a PE ratio of -0.09 and a beta of 1.65. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.61 and a current ratio of 1.61. The firm’s 50 day moving average price is $0.71 and its two-hundred day moving average price is $1.09.

Institutional Investors Weigh In On Omega Therapeutics

A hedge fund recently bought a new stake in Omega Therapeutics stock. Renaissance Technologies LLC acquired a new stake in Omega Therapeutics, Inc. (NASDAQ:OMGA) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 128,400 shares of the company’s stock, valued at approximately $266,000. Renaissance Technologies LLC owned 0.23% of Omega Therapeutics at the end of the most recent quarter. Institutional investors own 97.47% of the company’s stock.

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.