Omega Therapeutics price target lowered to $7 from $12 at Chardan

Chardan lowered the firm’s price target on Omega Therapeutics (OMGA) to $7 from $12 and keeps a Buy rating on the shares following the company’s Q4 and full year 2023 financial results, and corporate update. The company ended the year with cash, equivalents, and marketable securities of $73.4M compared to $125M at the end of 2022. The company has implemented a strategic prioritization and 35% headcount reduction in order to reduce its operating expense, the firm notes. Management now projects that its cash, which includes a $5.1M upfront payment from Novo Nordisk (NVO), is sufficient to fund operations into Q1 2025.