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Omega Therapeutics, Inc. (OMGA) Surges 19.6%: Is This an Indication of Further Gains?
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Omega Therapeutics, Inc. (OMGA - Free Report) shares rallied 19.6% in the last trading session to close at $7.19. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 9.9% loss over the past four weeks.
The sudden soaring of the stock price can be attributed to the positive momentum built around Omega's lead pipeline candidate, OTX-2002 for the treatment of MYC-driven hepatocellular carcinoma, currently in early-stage development. Last week, the company announced entering into clinical supply agreement with pharma goliath, Roche (RHHBY - Free Report) . Per the terms of the agreement, Roche will supply its anti-PD-L1 drug, atezolizumab, for Omega to evaluate the same in combination with OTX-2002 in its ongoing phase I/II MYCHELANGELO I study.
This company is expected to post quarterly loss of $0.64 per share in its upcoming report, which represents a year-over-year change of -52.4%. Revenues are expected to be $0.75 million, up 177.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Omega Therapeutics, Inc., the consensus EPS estimate for the quarter has been revised 1.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on OMGA going forward to see if this recent jump can turn into more strength down the road.
Omega Therapeutics, Inc. is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Castle Biosciences, Inc. (CSTL - Free Report) , finished the last trading session 0.5% lower at $22.30. CSTL has returned -0.8% over the past month.
For Castle Biosciences, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.80. This represents no change from what the company reported a year ago. Castle Biosciences, Inc. currently has a Zacks Rank of #3 (Hold).
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Omega Therapeutics, Inc. (OMGA) Surges 19.6%: Is This an Indication of Further Gains?
Omega Therapeutics, Inc. (OMGA - Free Report) shares rallied 19.6% in the last trading session to close at $7.19. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 9.9% loss over the past four weeks.
The sudden soaring of the stock price can be attributed to the positive momentum built around Omega's lead pipeline candidate, OTX-2002 for the treatment of MYC-driven hepatocellular carcinoma, currently in early-stage development. Last week, the company announced entering into clinical supply agreement with pharma goliath, Roche (RHHBY - Free Report) . Per the terms of the agreement, Roche will supply its anti-PD-L1 drug, atezolizumab, for Omega to evaluate the same in combination with OTX-2002 in its ongoing phase I/II MYCHELANGELO I study.
This company is expected to post quarterly loss of $0.64 per share in its upcoming report, which represents a year-over-year change of -52.4%. Revenues are expected to be $0.75 million, up 177.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Omega Therapeutics, Inc., the consensus EPS estimate for the quarter has been revised 1.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on OMGA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Omega Therapeutics, Inc. is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Castle Biosciences, Inc. (CSTL - Free Report) , finished the last trading session 0.5% lower at $22.30. CSTL has returned -0.8% over the past month.
For Castle Biosciences, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.80. This represents no change from what the company reported a year ago. Castle Biosciences, Inc. currently has a Zacks Rank of #3 (Hold).