Bank of America Corp DE Makes New Investment in Olema Pharmaceuticals, Inc. $OLMA

Key Points

• Bank of America acquired 334,875 Olema Pharmaceuticals shares during the second quarter, worth approximately $4.19 million and representing 0.38% of the company. Institutional investors and hedge funds collectively own 91.78% of OLMA.
• Olema reported a quarterly loss of $0.61 per share, missing the consensus estimate of a $0.55 loss. Shares opened at $8.61, well below their 52-week high of $36.26.
• Analyst sentiment remains broadly positive, with 11 Buy ratings and a consensus “Moderate Buy” rating, despite several target-price reductions. The average price target is $40.60.

Bank of America Corp DE acquired a new stake in Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 334,875 shares of the company's stock, valued at approximately $4,189,000. Bank of America Corp DE owned 0.38% of Olema Pharmaceuticals as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Jupiter Topco LLC acquired a new stake in shares of Olema Pharmaceuticals during the 2nd quarter worth $88,803,000. BlackRock Inc. purchased a new position in shares of Olema Pharmaceuticals in the 2nd quarter worth about $84,001,000. Cormorant Asset Management LP acquired a new position in shares of Olema Pharmaceuticals in the 4th quarter valued at about $68,750,000. Siren L.L.C. lifted its stake in shares of Olema Pharmaceuticals by 44.1% in 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. Finally, Jennison Associates LLC grew 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 purchasing an additional 858,126 shares during the period. 91.78% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Olema Pharmaceuticals

In other news, Director Cyrus Harmon sold 12,500 shares of the firm'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 transaction of $144,750.00. Following the completion of the sale, the director owned 715,270 shares of the company's stock, valued at approximately $8,282,826.60. This trade represents a 1.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 12.56% of the company's stock.

Olema Pharmaceuticals Stock Down 1.6%

Shares of Olema Pharmaceuticals stock opened at $8.61 on Tuesday. Olema Pharmaceuticals, Inc. has a 1-year low of $6.65 and a 1-year high of $36.26. The company has a market capitalization of $753.38 million, a PE ratio of -4.06 and a beta of 1.98. 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 business has a 50-day moving average of $10.70 and a 200-day moving average of $12.41.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last issued 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). As a group, equities analysts forecast that Olema Pharmaceuticals, Inc. will post -2.43 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on OLMA. Wall Street Zen cut shares of Olema Pharmaceuticals from a "sell" rating to a "strong sell" rating in a research report on Saturday, July 25th. Weiss Ratings raised shares of Olema Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, September 21st. Stifel Nicolaus reduced their target price on shares of Olema Pharmaceuticals from $48.00 to $30.00 and set a "buy" rating on the stock in a report on Monday, September 14th. Citigroup decreased their price target on shares of Olema Pharmaceuticals to $59.00 and set a "buy" rating for the company in a research report on Tuesday, August 11th. Finally, HC Wainwright lowered their price target on Olema Pharmaceuticals from $38.00 to $36.00 and set a "buy" rating for the company in a report on Tuesday, August 11th. Eleven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Olema Pharmaceuticals has an average rating of "Moderate Buy" and a consensus price target of $40.60.

Olema Pharmaceuticals Profile

Olema Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for women with cancer, particularly hormone receptor-positive breast cancer. The company's research is centered on treatments designed to address the biological drivers of tumor growth and provide new options for patients with advanced or metastatic disease.

Olema's lead investigational product is palazestrant, an 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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