Olema Pharmaceuticals (NASDAQ:OLMA) Trading Up 3.5% – Here’s Why

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA)’s stock price was up 3.5% on Thursday . The stock traded as high as $10.63 and last traded at $10.7260. Approximately 104,214 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 1,368,055 shares. The stock had previously closed at $10.36.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on OLMA shares. HC Wainwright decreased their target price on Olema Pharmaceuticals from $38.00 to $36.00 and set a “buy” rating on the stock in a research report on Tuesday, August 11th. Citigroup reduced their price target on shares of Olema Pharmaceuticals to $59.00 and set a “buy” rating on the stock in a research note on Tuesday, August 11th. Wall Street Zen lowered shares of Olema Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, July 25th. Weiss Ratings cut shares of Olema Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, August 31st. Finally, Guggenheim dropped their price objective 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 investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Olema Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $42.40.

Olema Pharmaceuticals Stock Up 4.8%

The company has a debt-to-equity ratio of 0.01, a current ratio of 8.86 and a quick ratio of 8.86. The stock has a market capitalization of $949.72 million, a P/E ratio of -5.12 and a beta of 1.98. The firm has a 50-day simple moving average of $11.33 and a 200 day simple moving average of $13.60.

Olema Pharmaceuticals (NASDAQ:OLMA) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.06). On average, equities research analysts forecast that Olema Pharmaceuticals, Inc. will post -2.43 EPS for the current year.

Insiders Place Their Bets

In other Olema Pharmaceuticals news, Director Cyrus Harmon sold 12,500 shares of the company’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $11.58, for a total value of $144,750.00. Following the completion of the transaction, the director directly owned 715,270 shares in the company, valued at approximately $8,282,826.60. This represents a 1.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 12.56% of the stock is owned by insiders.

Institutional Trading of Olema Pharmaceuticals

Institutional investors have recently modified their holdings of the business. Siren L.L.C. boosted its position in shares of Olema Pharmaceuticals by 44.1% during the 1st quarter. Siren L.L.C. now owns 4,756,949 shares of the company’s stock valued at $70,926,000 after purchasing an additional 1,456,249 shares in the last quarter. Readystate Asset Management LP acquired a new position in Olema Pharmaceuticals in the second quarter valued at approximately $7,429,000. Jennison Associates LLC boosted its holdings in shares of Olema Pharmaceuticals by 89.0% during the 1st quarter. Jennison Associates LLC now owns 1,822,123 shares of the company’s stock worth $27,168,000 after buying an additional 858,126 shares in the last quarter. Defilade Capital Management L.P. grew its position in shares of Olema Pharmaceuticals by 21.9% during the 1st quarter. Defilade Capital Management L.P. now owns 1,504,536 shares of the company’s stock worth $22,433,000 after buying an additional 269,902 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Olema Pharmaceuticals by 12.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,082,434 shares of the company’s stock worth $16,134,000 after buying an additional 123,790 shares during the period. Institutional investors own 91.78% of the company’s stock.

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.