H.C. Wainwright Starts Omega Therapeutics (OMGA) at Buy

(Updated - December 8, 2022 6:30 AM EST)

H.C. Wainwright analyst Robert Burns initiates coverage on Omega Therapeutics (NASDAQ: OMGA) with a Buy rating and a price target of $11.00.

The analyst comments "Putting a new spin on RNA-based therapeutics. We are initiating coverage of Omega Therapeutics, an emerging biotechnology company developing a pipeline of novel programmable epigenetic medicines. While Omega's pipeline encompasses therapies that are classified as messenger ribonucleic acid (mRNA) molecules, these agents are modularly designed to regulate gene expression to address hitherto undruggable targets. A key example is the c-Myc oncogene (MYC)— aberrantly increased MYC expression is associated with an estimated 30% of all solid tumors. Historically considered unaddressable using small molecule drugs because of its lack of a fixed binding pocket, MYC expression can be influenced using the company's proprietary Omega Epigenomic Controllers (OECs), which target specific epigenomic loci —epigenomic zipcodes or EpiZips—within insulated genomic domains (IGDs). Reduction in MYC expression decreases tumor cell viability, while sparing normal cells. Omega leverages both artificial intelligence (AI) and machine learning (ML) to accelerate drug design and development, shortening the timeline from a validated hit to clinical entry from the typical three-to-five-year time frame to only 27 months for progression of its lead candidate OTX-2002. The company's platform appears applicable to a wide array of therapeutic indications ranging from oncology to multigenic diseases including immunology and even into regenerative medicine. Our rating is Buy with a 12-month price target of $11 per share."

For an analyst ratings summary and ratings history on Omega Therapeutics click here. For more ratings news on Omega Therapeutics click here.

Shares of Omega Therapeutics closed at $6.30 yesterday.

You May Also Be Interested In

• BofA Securities Starts GE Vernova (GEV) at Neutral, 'Multiyear turnaround amid positive demand backdrop'
• Evercore ISI Comments on IBM (IBM) Earnings
• DAM Capital Starts Apollo Tyres (APTY:IN) at Buy