Olema Pharmaceuticals (NASDAQ:OLMA) Stock Price Up 5.9% – Here’s What Happened

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) shares shot up 5.9% during trading on Friday . The company traded as high as $11.73 and last traded at $11.7270. Approximately 449,756 shares were traded during trading, a decline of 70% from the average session volume of 1,498,546 shares. The stock had previously closed at $11.07.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on OLMA. Wolfe Research initiated coverage on shares of Olema Pharmaceuticals in a research note on Friday, March 27th. They issued a “peer perform” rating for the company. Jefferies Financial Group assumed coverage on Olema Pharmaceuticals in a research note on Thursday, March 19th. They issued a “buy” rating and a $40.00 price target on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Olema Pharmaceuticals in a research report on Tuesday, April 21st. Wall Street Zen upgraded shares of Olema Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 12th. Finally, Guggenheim reduced their price target on shares of Olema Pharmaceuticals from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Olema Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $44.10.

Olema Pharmaceuticals Price Performance

The firm has a fifty day simple moving average of $11.92 and a two-hundred day simple moving average of $17.56. The company has a debt-to-equity ratio of 0.01, a quick ratio of 10.88 and a current ratio of 10.88. The firm has a market cap of $1.03 billion, a PE ratio of -5.86 and a beta of 2.00.

Olema Pharmaceuticals (NASDAQ:OLMA) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.52) EPS for the quarter, meeting analysts’ consensus estimates of ($0.52). Equities analysts predict that Olema Pharmaceuticals, Inc. will post -2.22 EPS for the current fiscal year.

Institutional Trading of Olema Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in OLMA. EverSource Wealth Advisors LLC raised its stake in Olema Pharmaceuticals by 9,476.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,245 shares of the company’s stock worth $31,000 after buying an additional 1,232 shares in the last quarter. Torren Management LLC acquired a new stake in Olema Pharmaceuticals during the 4th quarter worth about $44,000. Russell Investments Group Ltd. purchased a new stake in Olema Pharmaceuticals during the third quarter worth $53,000. American Century Companies Inc. acquired a new stake in Olema Pharmaceuticals in the second quarter valued at approximately $54,000. Finally, Creative Planning purchased a new stake in shares of Olema Pharmaceuticals during the second quarter worth about $83,000. 91.78% of the stock is currently owned by institutional investors.

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.