Olema Pharmaceuticals (NASDAQ:OLMA) Price Target Lowered to $59.00 at Citigroup

Key Points

• Citigroup lowered Olema Pharmaceuticals’ price target to $59 while maintaining a “buy” rating, implying 470.6% upside from the stock’s previous close. The broader analyst consensus remains “Moderate Buy,” with an average target of $43.60.
• Shares traded down to $10.34, while Olema reported a quarterly loss of $0.61 per share, missing the consensus estimate of a $0.55 loss. Analysts expect a full-year loss of approximately $2.22 per share.
• Olema is a clinical-stage biotechnology company developing OP-1250 for estrogen receptor-positive, HER2-negative breast cancer. Institutional investors own 91.78% of the company, while an insider recently sold 12,500 shares.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) had its price target decreased by analysts at Citigroup to $59.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price objective would indicate a potential upside of 470.60% from the stock's previous close.

OLMA has been the subject of several other research reports. HC Wainwright cut 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. Weiss Ratings cut Olema Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, August 3rd. Wall Street Zen lowered Olema Pharmaceuticals from a "sell" rating to a "strong sell" rating in a report on Saturday, July 25th. Finally, Guggenheim lowered their price target on shares of Olema Pharmaceuticals from $38.00 to $35.00 and set a "buy" rating on the stock in a research report on Wednesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Olema Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average price target of $43.60.

Olema Pharmaceuticals Price Performance

Shares of NASDAQ:OLMA traded down $1.60 during midday trading on Tuesday, hitting $10.34. The company's stock had a trading volume of 2,040,986 shares, compared to its average volume of 1,435,614. The company has a market cap of $903.20 million, a P/E ratio of -5.07 and a beta of 2.03. Olema Pharmaceuticals has a 12-month low of $4.91 and a 12-month high of $36.26. The business's 50 day simple moving average is $11.25 and its 200 day simple moving average is $15.77. The company has a debt-to-equity ratio of 0.01, a quick ratio of 10.88 and a current ratio of 10.88.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.06). On average, analysts forecast that Olema Pharmaceuticals will post -2.22 EPS for the current year.

Insider Transactions 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 transaction of $144,750.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 12.56% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Olema Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC boosted its holdings in Olema Pharmaceuticals by 9,476.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,245 shares of the company's stock valued at $31,000 after purchasing an additional 1,232 shares during the period. Torren Management LLC acquired a new position in Olema Pharmaceuticals during the 4th quarter worth approximately $44,000. Russell Investments Group Ltd. purchased a new stake in shares of Olema Pharmaceuticals in the 3rd quarter valued at approximately $53,000. American Century Companies Inc. purchased a new stake in shares of Olema Pharmaceuticals in the 2nd quarter valued at approximately $54,000. 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 owned by hedge funds and other institutional investors.

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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