Olema Pharmaceuticals (NASDAQ:OLMA) Issues Quarterly Earnings Results, Misses Expectations By $0.08 EPS

Key Points

• Olema Pharmaceuticals reported a loss of $0.51 earnings per share for the quarter, missing analysts’ expectations of $0.44 by $0.07.
• Despite the earnings miss, research firms maintain a mostly positive outlook with HC Wainwright setting a target price of $30.00 and multiple firms issuing "buy" or "outperform" ratings.
• Institutional investors hold 91.78% of Olema Pharmaceuticals' stock, with significant increases in stakes from firms like Goldman Sachs and Jane Street Group in recent quarters.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) announced its earnings results on Monday. The company reported ($0.51) earnings per share for the quarter, missing analysts' consensus estimates of ($0.43) by ($0.08), Zacks reports.

Olema Pharmaceuticals Trading Up 4.8%

Shares of Olema Pharmaceuticals stock traded up $0.25 on Friday, hitting $5.51. The stock had a trading volume of 439,425 shares, compared to its average volume of 530,869. The company has a quick ratio of 15.22, a current ratio of 11.09 and a debt-to-equity ratio of 0.01. Olema Pharmaceuticals has a one year low of $2.86 and a one year high of $13.93. The stock has a market cap of $378.15 million, a price-to-earnings ratio of -2.78 and a beta of 1.92. The stock's 50-day simple moving average is $4.64 and its two-hundred day simple moving average is $4.64.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Olema Pharmaceuticals from $28.00 to $29.00 and gave the company an "overweight" rating in a research note on Thursday. Zacks Research raised shares of Olema Pharmaceuticals to a "strong sell" rating in a research note on Monday. Oppenheimer decreased their price target on shares of Olema Pharmaceuticals from $25.00 to $22.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 14th. HC Wainwright reissued a "buy" rating and set a $30.00 price target on shares of Olema Pharmaceuticals in a research note on Monday, April 28th. Finally, The Goldman Sachs Group decreased their price target on shares of Olema Pharmaceuticals from $20.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $24.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bridgeway Capital Management LLC bought a new position in shares of Olema Pharmaceuticals in the second quarter worth approximately $213,000. Ameriprise Financial Inc. boosted its holdings in Olema Pharmaceuticals by 193.4% in the second quarter. Ameriprise Financial Inc. now owns 1,172,863 shares of the company's stock valued at $4,996,000 after acquiring an additional 773,064 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Olema Pharmaceuticals by 46.7% in the second quarter. The Manufacturers Life Insurance Company now owns 22,442 shares of the company's stock valued at $96,000 after acquiring an additional 7,146 shares in the last quarter. Invesco Ltd. boosted its holdings in Olema Pharmaceuticals by 57.3% in the second quarter. Invesco Ltd. now owns 79,929 shares of the company's stock valued at $340,000 after acquiring an additional 29,119 shares in the last quarter. Finally, American Century Companies Inc. bought a new stake in Olema Pharmaceuticals in the second quarter valued at $54,000. Institutional investors own 91.78% of the company's stock.

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.