Olema Pharmaceuticals (NASDAQ:OLMA) Shares Up 10.2% - Time to Buy?

Key Points

• Olema Pharmaceuticals' stock surged by 10.2% to a last trading price of $8.54, despite a 28% decrease in trading volume compared to its average.
• Analysts have given positive ratings, with JPMorgan Chase raising its target price to $29.00 and Citigroup to $21.00, reflecting a consensus rating of "Moderate Buy" with a target price of $24.00.
• Institutional investors hold a significant stake in Olema Pharmaceuticals, owning approximately 91.78% of the stock, indicating strong confidence in the company's potential.

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Get Free Report) rose 10.2% on Thursday . The company traded as high as $8.52 and last traded at $8.54. Approximately 645,608 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 900,928 shares. The stock had previously closed at $7.75.

Analysts Set New Price Targets

OLMA has been the topic of a number of research analyst reports. Citigroup boosted their target price on Olema Pharmaceuticals from $20.00 to $21.00 and gave the stock a "buy" rating in a research note on Tuesday, August 12th. Oppenheimer reaffirmed an "outperform" rating and issued a $22.00 price target on shares of Olema Pharmaceuticals in a report on Wednesday, September 3rd. JPMorgan Chase & Co. lifted their price target on shares of Olema Pharmaceuticals from $28.00 to $29.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. Finally, Zacks Research raised shares of Olema Pharmaceuticals from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 9th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.00.

Olema Pharmaceuticals Trading Down 4.0%

The stock has a market cap of $560.71 million, a P/E ratio of -4.13 and a beta of 1.92. The firm's fifty day moving average price is $5.80 and its two-hundred day moving average price is $4.89. The company has a debt-to-equity ratio of 0.01, a current ratio of 11.09 and a quick ratio of 11.09.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last released its quarterly 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). As a group, equities research analysts forecast that Olema Pharmaceuticals, Inc. will post -2.33 EPS for the current year.

Insider Buying and Selling

In related news, Director Cyrus Harmon sold 10,000 shares of the stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $8.33, for a total value of $83,300.00. Following the transaction, the director owned 744,140 shares of the company's stock, valued at $6,198,686.20. This represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 25,000 shares of company stock valued at $204,841 over the last quarter. 16.36% of the stock is owned by corporate insiders.

Institutional Trading of Olema Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the company. Ameritas Investment Partners Inc. lifted its position in Olema Pharmaceuticals by 55.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,080 shares of the company's stock worth $26,000 after buying an additional 2,168 shares during the last quarter. ProShare Advisors LLC lifted its position in Olema Pharmaceuticals by 21.1% in the 2nd quarter. ProShare Advisors LLC now owns 14,766 shares of the company's stock worth $63,000 after buying an additional 2,569 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its position in Olema Pharmaceuticals by 22.6% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 14,892 shares of the company's stock worth $56,000 after buying an additional 2,743 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Olema Pharmaceuticals by 2.6% in the 1st quarter. Bank of New York Mellon Corp now owns 131,994 shares of the company's stock worth $496,000 after buying an additional 3,328 shares during the last quarter. Finally, Alps Advisors Inc. lifted its position in Olema Pharmaceuticals by 9.0% in the 1st quarter. Alps Advisors Inc. now owns 50,484 shares of the company's stock worth $190,000 after buying an additional 4,149 shares during 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.