Olema Pharmaceuticals (NASDAQ:OLMA) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

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 increased by analysts at JPMorgan Chase & Co. from $28.00 to $29.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 453.44% from the stock's previous close.

Several other brokerages also recently weighed in on OLMA. Oppenheimer decreased their target price on Olema Pharmaceuticals from $25.00 to $22.00 and set an "outperform" rating for the company in a research note on Wednesday, May 14th. The Goldman Sachs Group reduced their price objective on Olema Pharmaceuticals from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. Citigroup raised their price objective on Olema Pharmaceuticals from $20.00 to $21.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, HC Wainwright reiterated a "buy" rating and issued a $30.00 price objective on shares of Olema Pharmaceuticals in a research report on Monday, April 28th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $24.00.

Olema Pharmaceuticals Stock Down 0.6%

Shares of NASDAQ OLMA traded down $0.03 during mid-day trading on Thursday, reaching $5.24. 117,786 shares of the company traded hands, compared to its average volume of 886,119. The company has a debt-to-equity ratio of 0.01, a quick ratio of 15.22 and a current ratio of 11.09. The stock has a market cap of $358.53 million, a PE ratio of -2.65 and a beta of 1.92. The company's fifty day moving average is $4.60 and its two-hundred day moving average is $4.65. Olema Pharmaceuticals has a fifty-two week low of $2.86 and a fifty-two week high of $13.93.

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, analysts expect that Olema Pharmaceuticals will post -2.33 earnings per share for the current year.

Hedge Funds Weigh In On Olema Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE increased its holdings in Olema Pharmaceuticals by 110.6% during the 4th quarter. Bank of America Corp DE now owns 865,339 shares of the company's stock valued at $5,045,000 after purchasing an additional 454,400 shares in the last quarter. Renaissance Technologies LLC lifted its position in Olema Pharmaceuticals by 435.0% during the 4th quarter. Renaissance Technologies LLC now owns 157,300 shares of the company's stock worth $917,000 after buying an additional 127,900 shares in the last quarter. Wellington Management Group LLP lifted its position in Olema Pharmaceuticals by 52.1% during the 4th quarter. Wellington Management Group LLP now owns 1,525,484 shares of the company's stock worth $8,839,000 after buying an additional 522,799 shares in the last quarter. Millennium Management LLC lifted its position in Olema Pharmaceuticals by 1,154.4% during the 4th quarter. Millennium Management LLC now owns 979,219 shares of the company's stock worth $5,709,000 after buying an additional 901,159 shares in the last quarter. Finally, Paradigm Biocapital Advisors LP lifted its position in Olema Pharmaceuticals by 32.7% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 7,304,970 shares of the company's stock worth $42,588,000 after buying an additional 1,801,370 shares in the last quarter. 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.

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