Olema Pharmaceuticals (NASDAQ:OLMA) Given New $21.00 Price Target at Citigroup

Key Points

• Citigroup has raised its target price for Olema Pharmaceuticals (NASDAQ:OLMA) from $20.00 to $21.00, indicating a potential upside of 359.52% from the current stock price.
• A majority of analysts maintain a buy rating for Olema Pharmaceuticals, with a consensus price target of $23.80.
• Olema Pharmaceuticals has recently seen increased institutional interest, with 91.78% of its stock owned by institutional investors, highlighting confidence in the company's potential.

Olema Pharmaceuticals (NASDAQ:OLMA - Free Report) had its price target lifted by Citigroup from $20.00 to $21.00 in a report published on Tuesday, Marketbeat.com reports. Citigroup currently has a buy rating on the stock.

Several other equities research analysts also recently weighed in on OLMA. The Goldman Sachs Group cut their price target on Olema Pharmaceuticals from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. HC Wainwright restated a "buy" rating and set a $30.00 target price on shares of Olema Pharmaceuticals in a research report on Monday, April 28th. Finally, Oppenheimer dropped their target price on Olema Pharmaceuticals from $25.00 to $22.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. Based on data from MarketBeat, Olema Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus price target of $24.00.

Olema Pharmaceuticals Stock Performance

OLMA traded up $0.25 during midday trading on Tuesday, hitting $5.51. 439,425 shares of the company were exchanged, compared to its average volume of 530,869. The company's 50 day simple moving average is $4.64 and its 200 day simple moving average is $4.64. The firm has a market capitalization of $378.15 million, a price-to-earnings ratio of -2.78 and a beta of 1.92. The company has a current ratio of 11.09, a quick ratio of 15.22 and a debt-to-equity ratio of 0.01. Olema Pharmaceuticals has a 1-year low of $2.86 and a 1-year high of $13.93.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The company reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.08). As a group, sell-side analysts predict that Olema Pharmaceuticals will post -2.33 earnings per share for the current year.

Institutional Trading of Olema Pharmaceuticals

Institutional investors have recently made changes to their positions in the company. Bank of America Corp DE raised its position in shares of Olema Pharmaceuticals by 110.6% during the 4th quarter. Bank of America Corp DE now owns 865,339 shares of the company's stock valued at $5,045,000 after buying an additional 454,400 shares during the period. Renaissance Technologies LLC raised its position in shares of Olema Pharmaceuticals by 435.0% during the 4th quarter. Renaissance Technologies LLC now owns 157,300 shares of the company's stock valued at $917,000 after buying an additional 127,900 shares during the period. Wellington Management Group LLP raised its position in shares of Olema Pharmaceuticals by 52.1% during the 4th quarter. Wellington Management Group LLP now owns 1,525,484 shares of the company's stock valued at $8,839,000 after buying an additional 522,799 shares during the period. Millennium Management LLC raised its position in shares of Olema Pharmaceuticals by 1,154.4% during the 4th quarter. Millennium Management LLC now owns 979,219 shares of the company's stock valued at $5,709,000 after buying an additional 901,159 shares during the period. Finally, Paradigm Biocapital Advisors LP raised its position in shares of Olema Pharmaceuticals by 32.7% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 7,304,970 shares of the company's stock valued at $42,588,000 after buying an additional 1,801,370 shares during the period. Hedge funds and other institutional investors own 91.78% of the company's stock.

Olema Pharmaceuticals Company Profile

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.