Readystate Asset Management LP Makes New Investment in Olema Pharmaceuticals, Inc. $OLMA

Key Points

• Readystate Asset Management acquired 593,829 Olema Pharmaceuticals shares worth approximately $7.4 million, giving it a 0.68% stake. Institutional investors collectively own 91.78% of the company.
• Analysts remain broadly positive, with 11 Buy ratings and a consensus “Moderate Buy” rating, although several firms lowered their price targets. The average target is $42.40, well above the stock’s recent price of $10.75.
• Olema reported a quarterly loss of $0.61 per share, missing estimates by $0.06, while director Cyrus Harmon sold 12,500 shares. The clinical-stage biotech is advancing OP-1250 in Phase 3 trials for ER-positive, HER2-negative breast cancer.

Readystate Asset Management LP acquired a new stake in shares of Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 593,829 shares of the company's stock, valued at approximately $7,429,000. Readystate Asset Management LP owned approximately 0.68% of Olema Pharmaceuticals at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. AQR Capital Management LLC acquired a new stake in Olema Pharmaceuticals in the 1st quarter valued at $172,000. Goldman Sachs Group Inc. raised its stake in Olema Pharmaceuticals by 93.6% during the first quarter. Goldman Sachs Group Inc. now owns 741,329 shares of the company's stock worth $2,787,000 after acquiring an additional 358,412 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of Olema Pharmaceuticals by 216.8% during the first quarter. Jane Street Group LLC now owns 138,552 shares of the company's stock valued at $521,000 after acquiring an additional 94,815 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Olema Pharmaceuticals by 22.4% during the second quarter. Geode Capital Management LLC now owns 1,326,123 shares of the company's stock valued at $5,650,000 after acquiring an additional 242,997 shares during the period. Finally, Creative Planning acquired a new stake in shares of Olema Pharmaceuticals in the 2nd quarter valued at $83,000. 91.78% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on OLMA. JPMorgan Chase & Co. cut their price target on shares of Olema Pharmaceuticals from $52.00 to $46.00 and set an "overweight" rating for the company in a report on Thursday, August 13th. Citigroup cut their target price on shares of Olema Pharmaceuticals to $59.00 and set a "buy" rating for the company in a research note on Tuesday, August 11th. Guggenheim reduced their target price on Olema Pharmaceuticals from $38.00 to $35.00 and set a "buy" rating on the stock in a report on Wednesday, May 13th. HC Wainwright decreased their price target 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. Finally, Wall Street Zen cut Olema Pharmaceuticals from a "sell" rating to a "strong sell" rating in a report on Saturday, July 25th. Eleven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Olema Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $42.40.

Insider Activity at Olema Pharmaceuticals

In other news, Director Cyrus Harmon sold 12,500 shares of the firm's stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $11.58, for a total value of $144,750.00. Following the transaction, the director directly owned 715,270 shares in the company, valued at $8,282,826.60. This trade represents a 1.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 12.56% of the company's stock.

Olema Pharmaceuticals Stock Performance

OLMA stock opened at $10.75 on Monday. The company has a 50 day moving average price of $11.42 and a 200 day moving average price of $13.85. Olema Pharmaceuticals, Inc. has a fifty-two week low of $6.35 and a fifty-two week high of $36.26. 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 $940.62 million, a PE ratio of -5.07 and a beta of 1.98.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last released its earnings results on Monday, August 10th. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.06). Analysts forecast that Olema Pharmaceuticals, Inc. will post -2.43 EPS for the current year.

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.

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