Olema Pharmaceuticals (NASDAQ:OLMA) Shares Up 3.4% – Still a Buy?

by · The Markets Daily

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA – Get Free Report) shares rose 3.4% during trading on Wednesday. The stock traded as high as $8.15 and last traded at $8.19. 105,568 shares changed hands during trading, a decline of 92% from the average session volume of 1,367,252 shares. The stock had previously closed at $7.92.

Analyst Ratings Changes

A number of research firms have recently issued reports on OLMA. JPMorgan Chase & Co. dropped their price target on Olema Pharmaceuticals from $52.00 to $46.00 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. HC Wainwright dropped their price objective on shares of Olema Pharmaceuticals from $38.00 to $36.00 and set a “buy” rating on the stock in a research note on Tuesday, August 11th. Wall Street Zen downgraded shares of Olema Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 25th. Citigroup dropped their target price on Olema Pharmaceuticals to $59.00 and set a “buy” rating on the stock in a research report on Tuesday, August 11th. Finally, Weiss Ratings raised Olema Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, September 21st. Eleven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $40.60.

View Our Latest Report on OLMA

Olema Pharmaceuticals Price Performance

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 fifty day moving average of $10.15 and a 200 day moving average of $12.02. The stock has a market cap of $684.25 million, a price-to-earnings ratio of -3.69 and a beta of 2.00.

Olema Pharmaceuticals (NASDAQ:OLMA – Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.06). On average, analysts expect that Olema Pharmaceuticals, Inc. will post -2.43 EPS for the current fiscal year.

Insider Activity at Olema Pharmaceuticals

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

Institutional Investors Weigh In On Olema Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. Readystate Asset Management LP acquired a new position in shares of Olema Pharmaceuticals during the 2nd quarter worth about $7,429,000. Bank of America Corp DE purchased a new stake in Olema Pharmaceuticals during the 2nd quarter worth approximately $4,189,000. Siren L.L.C. increased its stake in Olema Pharmaceuticals by 44.1% during the 1st quarter. Siren L.L.C. now owns 4,756,949 shares of the company’s stock worth $70,926,000 after buying an additional 1,456,249 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Olema Pharmaceuticals during the second quarter valued at approximately $2,779,000. Finally, Defilade Capital Management L.P. lifted its position in shares of Olema Pharmaceuticals by 21.9% in the first quarter. Defilade Capital Management L.P. now owns 1,504,536 shares of the company’s stock valued at $22,433,000 after acquiring an additional 269,902 shares in the last quarter. Institutional investors and hedge funds own 91.78% of the company’s stock.

About Olema Pharmaceuticals

(Get Free Report)

Olema Pharmaceuticals, Inc (NASDAQ: OLMA) is a clinical-stage biopharmaceutical company focused on developing therapies for women’s cancers, with an emphasis on hormone receptor-positive breast cancer. The company’s research is centered on oral endocrine medicines designed to target estrogen receptor signaling, an important driver of many breast tumors.

Olema’s lead product candidate is palazestrant, an investigational oral selective estrogen receptor degrader (SERD) being evaluated for the treatment of estrogen receptor-positive, HER2-negative advanced or metastatic breast cancer.

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