Millennium Management LLC Acquires 901,159 Shares of Olema Pharmaceuticals, Inc. (NASDAQ:OLMA)

Millennium Management LLC boosted its stake in Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Free Report) by 1,154.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 979,219 shares of the company's stock after buying an additional 901,159 shares during the quarter. Millennium Management LLC owned approximately 1.71% of Olema Pharmaceuticals worth $5,709,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OLMA. Bain Capital Life Sciences Investors LLC purchased a new stake in Olema Pharmaceuticals in the 4th quarter worth approximately $43,551,000. Lightspeed Management Company L.L.C. purchased a new stake in Olema Pharmaceuticals in the 4th quarter worth approximately $11,257,000. Avoro Capital Advisors LLC bought a new position in shares of Olema Pharmaceuticals during the 4th quarter valued at $9,631,000. Boxer Capital Management LLC bought a new position in shares of Olema Pharmaceuticals during the 4th quarter valued at $3,790,000. Finally, Wellington Management Group LLP raised its holdings 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 purchasing an additional 522,799 shares in the last quarter. Hedge funds and other institutional investors own 91.78% of the company's stock.

Olema Pharmaceuticals Price Performance

NASDAQ:OLMA traded up $0.02 during midday trading on Friday, reaching $5.32. The stock had a trading volume of 361,610 shares, compared to its average volume of 853,972. Olema Pharmaceuticals, Inc. has a 1-year low of $2.86 and a 1-year high of $16.62. The firm's fifty day simple moving average is $4.45 and its 200-day simple moving average is $5.57. The stock has a market capitalization of $364.00 million, a P/E ratio of -2.43 and a beta of 2.03.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last posted its quarterly earnings data on Tuesday, May 13th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.13. On average, equities research analysts anticipate that Olema Pharmaceuticals, Inc. will post -2.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Oppenheimer cut their price target on shares of Olema Pharmaceuticals from $25.00 to $22.00 and set an "outperform" rating on the stock in a report on Wednesday, May 14th. HC Wainwright restated a "buy" rating and set a $30.00 price target on shares of Olema Pharmaceuticals in a report on Monday, April 28th. The Goldman Sachs Group cut their price target on shares of Olema Pharmaceuticals from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Finally, JPMorgan Chase & Co. cut their price target on shares of Olema Pharmaceuticals from $30.00 to $28.00 and set an "overweight" rating on the stock in a report on Friday, March 28th.

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.