JPMorgan Chase & Co. Increases Olema Pharmaceuticals (NASDAQ:OLMA) Price Target to $29.00

Key Points

• JPMorgan Chase & Co. has increased its target price for Olema Pharmaceuticals (NASDAQ:OLMA) from $28.00 to $29.00, suggesting a potential upside of 453.44% from the stock's previous close.
• Olema Pharmaceuticals reported a loss of ($0.51) earnings per share for the last quarter, which missed the consensus estimate by ($0.08).
• Institutional investors now own 91.78% of Olema Pharmaceuticals, with significant increases in holdings from major firms like Bank of America and Renaissance Technologies during the fourth quarter.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) had its target price upped by research analysts at JPMorgan Chase & Co. from $28.00 to $29.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 434.07% from the stock's previous close.

Several other research analysts have also issued reports on OLMA. 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 report on Wednesday, May 14th. Oppenheimer reduced their target price on Olema Pharmaceuticals from $25.00 to $22.00 and set an "outperform" rating for the company in a report on Wednesday, May 14th. HC Wainwright reissued a "buy" rating and issued a $30.00 price target on shares of Olema Pharmaceuticals in a research note on Monday, April 28th. Finally, Citigroup raised their target price on shares of Olema Pharmaceuticals from $20.00 to $21.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. Five analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $24.00.

Olema Pharmaceuticals Stock Down 5.7%

OLMA stock traded down $0.33 during trading on Thursday, reaching $5.43. 415,463 shares of the company's stock were exchanged, compared to its average volume of 534,493. Olema Pharmaceuticals has a 1-year low of $2.86 and a 1-year high of $13.93. The company's fifty day moving average price is $4.67 and its 200-day moving average price is $4.61. The company has a current ratio of 11.09, a quick ratio of 11.09 and a debt-to-equity ratio of 0.01.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.08). On average, sell-side analysts predict that Olema Pharmaceuticals will post -2.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Olema Pharmaceuticals

Several large investors have recently made changes to their positions in OLMA. Ameritas Investment Partners Inc. lifted its stake in Olema Pharmaceuticals by 55.4% in the second quarter. Ameritas Investment Partners Inc. now owns 6,080 shares of the company's stock valued at $26,000 after acquiring an additional 2,168 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Olema Pharmaceuticals by 602.9% in the 2nd quarter. Farther Finance Advisors LLC now owns 6,839 shares of the company's stock valued at $29,000 after purchasing an additional 5,866 shares during the last quarter. FNY Investment Advisers LLC boosted its holdings in Olema Pharmaceuticals by 100.0% in the second quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company's stock worth $42,000 after purchasing an additional 5,000 shares in the last quarter. Quarry LP acquired a new position in Olema Pharmaceuticals during the first quarter worth $45,000. Finally, Alpine Global Management LLC bought a new position in Olema Pharmaceuticals during the first quarter valued at about $52,000. Institutional investors own 91.78% of the company's stock.

Olema Pharmaceuticals Company Profile

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.