Olema Pharmaceuticals (NASDAQ:OLMA) Shares Up 5.9% - Here's Why

Key Points

• Olema Pharmaceuticals shares rose 5.9% on Friday, trading as high as $11.73 on lighter-than-normal volume, about 70% below its average session volume.
• Wall Street sentiment remains mixed but mostly positive: the stock has 11 Buy ratings, 2 Holds, and 1 Sell, with a consensus target price of $44.10. Recent coverage included Jefferies' Buy rating with a $40 target, while Wolfe Research started coverage at Peer Perform.
• The company is a clinical-stage cancer drug developer focused on women's cancers, with lead candidate OP-1250 in Phase 3 testing for ER-positive/HER2-negative breast cancer. It most recently reported EPS of -$0.52, matching estimates, and analysts expect a full-year loss of $2.22 per share.

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Get Free Report)'s stock price traded up 5.9% during trading on Friday . The company traded as high as $11.73 and last traded at $11.7270. 449,756 shares changed hands during trading, a decline of 70% from the average session volume of 1,498,546 shares. The stock had previously closed at $11.07.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on OLMA. Wolfe Research began coverage on Olema Pharmaceuticals in a research note on Friday, March 27th. They set a "peer perform" rating for the company. Jefferies Financial Group initiated coverage on Olema Pharmaceuticals in a report on Thursday, March 19th. They set a "buy" rating and a $40.00 price objective for the company. Guggenheim dropped their target price on Olema Pharmaceuticals from $38.00 to $35.00 and set a "buy" rating for the company in a research note on Wednesday, May 13th. Wall Street Zen upgraded Olema Pharmaceuticals from a "strong sell" rating to a "sell" rating in a report on Sunday, July 12th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Olema Pharmaceuticals in a research note on Tuesday, April 21st. Eleven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Olema Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $44.10.

Olema Pharmaceuticals Stock Up 6.8%

The company has a debt-to-equity ratio of 0.01, a quick ratio of 10.88 and a current ratio of 10.88. The business's 50 day moving average is $11.92 and its 200 day moving average is $17.56. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -5.86 and a beta of 2.00.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.52) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.52). Equities analysts expect that Olema Pharmaceuticals, Inc. will post -2.22 earnings per share for the current year.

Hedge Funds Weigh In On Olema Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OLMA. EverSource Wealth Advisors LLC raised its position in Olema Pharmaceuticals by 9,476.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,245 shares of the company's stock worth $31,000 after purchasing an additional 1,232 shares during the last quarter. Torren Management LLC bought a new stake in shares of Olema Pharmaceuticals during the 4th quarter worth approximately $44,000. Russell Investments Group Ltd. acquired a new stake in shares of Olema Pharmaceuticals during the third quarter valued at about $53,000. American Century Companies Inc. acquired a new stake in Olema Pharmaceuticals in the second quarter valued at $54,000. Finally, Creative Planning bought a new position in shares of Olema Pharmaceuticals in the 2nd quarter worth about $83,000. 91.78% of the stock is currently owned by institutional investors and hedge funds.

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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