Robert Burns, an analyst from H.C. Wainwright, reiterated the Buy rating on Omega Therapeutics (OMGA – Research Report). The associated price target is $11.00.
Robert Burns has given his Buy rating due to a combination of factors related to Omega Therapeutics and its lead development candidate OTX-2002. The preliminary data of the ongoing Phase 1/2 MYCHELANGELO I study, which evaluates OTX-2002 in patients with hepatocellular carcinoma (HCC) and other solid tumors linked to the c-MYC gene, appear favorable. The initial low doses administered to eight patients showed clear indications of on-target epigenetic changes and correlated rapid, robust and durable decreases in MYC mRNA expression levels. These findings align with the results from Omega’s preclinical experiments.
Burns also took into consideration the considerable potential of OTX-2002 in liver cancer treatment due to its novel mechanism of action and the high unmet need in this area. He believes that OTX-2002 could be a compelling new HCC drug, potentially combined with either sunitinib or another approved agent, lenvatinib. Incrementally higher anti-tumor activity has been observed with these combinations in preclinical data. Upon identification of a recommended dose, Omega plans to initiate expansion cohorts in monotherapy and in combination with standard-of-care agents, which is another factor contributing to Burns’ Buy rating.
In another report released on September 26, Jefferies also maintained a Buy rating on the stock with a $15.00 price target.
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Omega Therapeutics (OMGA) Company Description:
Omega Therapeutics Inc is a development-stage biotechnology company leveraging its proprietary epigenomic programming platform to biologically engineer a new class of programmable epigenetic medicines, known as Omega Epigenomic Controllers. Using the epigenomic controllers, Omega is seeking to transform the practice of human medicine through highly selective and direct control of the human genome to treat and cure disease.
Read More on OMGA:
- Omega Therapeutics announces preliminary clinical data for OTX-2002
- Omega Therapeutics Announces Promising Preliminary Clinical Data for OTX-2002 from Ongoing MYCHELANGELO™ I Trial
- Omega Therapeutics to Host Conference Call to Discuss Preliminary Clinical Data for OTX-2002 from Ongoing MYCHELANGELO™ I Trial on September 26
- Omega Therapeutics to Participate in Two Upcoming Investor Conferences
- Omega Therapeutics announces updates to its board of directors
