Olema Pharmaceuticals (NASDAQ:OLMA) Trading Up 8.5% on Earnings Beat

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA)’s share price shot up 8.5% during mid-day trading on Monday following a better than expected earnings announcement. The company traded as high as $16.07 and last traded at $15.9550. 518,220 shares changed hands during trading, a decline of 68% from the average session volume of 1,600,911 shares. The stock had previously closed at $14.71.

The company reported ($0.50) earnings per share for the quarter, beating the consensus estimate of ($0.51) by $0.01.

Analysts Set New Price Targets

Several brokerages have recently weighed in on OLMA. Piper Sandler started coverage on Olema Pharmaceuticals in a research report on Wednesday, January 7th. They set an “overweight” rating and a $40.00 target price on the stock. UBS Group assumed coverage on shares of Olema Pharmaceuticals in a research report on Wednesday, January 7th. They issued a “buy” rating and a $45.00 price target for the company. Oppenheimer reaffirmed an “outperform” rating on shares of Olema Pharmaceuticals in a report on Monday, March 9th. JPMorgan Chase & Co. raised their price target on Olema Pharmaceuticals from $29.00 to $32.00 and gave the stock an “overweight” rating in a report on Tuesday, November 18th. Finally, Stifel Nicolaus initiated coverage on Olema Pharmaceuticals in a research note on Wednesday, February 11th. They set a “buy” rating and a $48.00 price objective for the company. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Olema Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Insider Buying and Selling

In other news, Director Cyrus Harmon sold 10,000 shares of Olema Pharmaceuticals stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $26.88, for a total transaction of $268,800.00. Following the completion of the transaction, the director owned 727,770 shares of the company’s stock, valued at $19,562,457.60. The trade was a 1.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Shawnte Mitchell sold 25,000 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $24.25, for a total transaction of $606,250.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 805,501 shares of company stock valued at $23,003,832 in the last three months. 16.36% of the stock is owned by insiders.

Institutional Trading of Olema Pharmaceuticals

A number of hedge funds have recently bought and sold shares of OLMA. AQR Capital Management LLC acquired a new stake in shares of Olema Pharmaceuticals in the first quarter worth approximately $172,000. Goldman Sachs Group Inc. raised its stake in Olema Pharmaceuticals by 93.6% during the first quarter. Goldman Sachs Group Inc. now owns 741,329 shares of the company’s stock worth $2,787,000 after purchasing an additional 358,412 shares during the period. Jane Street Group LLC boosted its holdings in shares of Olema Pharmaceuticals by 216.8% in the 1st quarter. Jane Street Group LLC now owns 138,552 shares of the company’s stock valued at $521,000 after purchasing an additional 94,815 shares during the last quarter. ProShare Advisors LLC increased its holdings in shares of Olema Pharmaceuticals by 21.1% during the 2nd quarter. ProShare Advisors LLC now owns 14,766 shares of the company’s stock worth $63,000 after buying an additional 2,569 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Olema Pharmaceuticals by 22.4% in the 2nd quarter. Geode Capital Management LLC now owns 1,326,123 shares of the company’s stock worth $5,650,000 after buying an additional 242,997 shares during the period. Institutional investors and hedge funds own 91.78% of the company’s stock.

Olema Pharmaceuticals Stock Up 8.2%

The firm has a 50 day moving average price of $24.18 and a two-hundred day moving average price of $18.58. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of -8.54 and a beta of 1.93. The company has a current ratio of 8.03, a quick ratio of 8.03 and a debt-to-equity ratio of 0.01.

About Olema Pharmaceuticals

Olema Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of therapies for women’s cancers. Its lead product candidate is OP-1250, an estrogen receptor (ER) antagonist and a selective ER degrader, which is in Phase 3 clinical trial for the treatment of recurrent, locally advanced, or metastatic estrogen receptor-positive, human epidermal growth factor receptor 2-negative breast cancer; and OP-1250 combine with CDK4/6 inhibitors palbociclib, ribociclib, and alpelisib in Phase 1/2 clinical trial for the treatment of recurrent, locally advanced, or metastatic estrogen receptor-positive human epidermal growth factor receptor 2-negative breast cancer, as well as develops OPERA-01 for the of ER+/HER2- advanced or metastatic breast cancer.