peterschreiber.media/iStock via Getty Images Raymond James has initiated coverage of Omega Therapeutics ( NASDAQ: OMGA ) with an outperform rating, citing the company’s technology platform. “The key advantage of this emerging technology is that it uses targeted modulation, upregulation or downregulation, of gene expression at the pre-transcription level, bypassing the fundamental safety and efficacy challenges associated with therapeutic targeting of downstream proteins or mRNA,” said the firm in its note.
Raymond James added that the technology enables the targeting of “undruggable targets such as MYC, a master regulator oncogene." The firm noted that Omega’s drug candidate OTX-2002 had encouraging early data in the treatment of liver cancer. It also noted the company’s deal with Novo Nordisk ( NVO ) to develop a potential successor to GLP-1 drugs.
Raymond James set its price target for Omega at $12. More on Omega Therapeutics Omega Therapeutics And Novo Nordisk Collaboration: A Cautious 'Buy' Seeking Alpha’s Quant Rating on Omega Therapeutics Historical earnings data for Omega Therapeutics Financial information for Omega Therapeutics.
