Olema Pharmaceuticals (NASDAQ:OLMA) Upgraded to Hold at Zacks Research

Key Points

• Zacks Research upgraded Olema Pharmaceuticals stock from a "strong sell" to a "hold" rating, reflecting a more favorable outlook for investors.
• Several investment firms have increased their price targets for Olema, with Citigroup raising it to $21.00 and JPMorgan Chase & Co. to $29.00, indicating growing confidence in the company's potential.
• Olema Pharmaceuticals reported an adjusted earnings per share of ($0.51) for the last quarter, missing estimates by $0.08, which could impact investor sentiment despite the positive analyst ratings.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Tuesday, September 9th,Zacks.com reports.

Several other brokerages have also recently weighed in on OLMA. Citigroup raised their target price on shares of Olema Pharmaceuticals from $20.00 to $21.00 and gave the company a "buy" rating in a report on Tuesday, August 12th. The Goldman Sachs Group reduced their target price on shares of Olema Pharmaceuticals from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. JPMorgan Chase & Co. raised their target price on shares of Olema Pharmaceuticals from $28.00 to $29.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. Finally, Oppenheimer reissued an "outperform" rating and set a $22.00 price objective on shares of Olema Pharmaceuticals in a report on Wednesday, September 3rd. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, Olema Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus price target of $24.00.

Olema Pharmaceuticals Stock Up 0.1%

Shares of OLMA traded up $0.01 during mid-day trading on Tuesday, hitting $8.01. 402,627 shares of the company's stock were exchanged, compared to its average volume of 900,747. The company has a market cap of $549.79 million, a price-to-earnings ratio of -4.07 and a beta of 1.92. Olema Pharmaceuticals has a fifty-two week low of $2.86 and a fifty-two week high of $13.93. The company has a debt-to-equity ratio of 0.01, a quick ratio of 11.09 and a current ratio of 11.09. The stock's 50-day moving average is $5.54 and its 200-day moving average is $4.79.

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

Institutional Investors Weigh In On Olema Pharmaceuticals

Several institutional investors have recently made changes to their positions in OLMA. Northern Trust Corp boosted its position in shares of Olema Pharmaceuticals by 8.7% during the 4th quarter. Northern Trust Corp now owns 423,787 shares of the company's stock worth $2,471,000 after purchasing an additional 34,053 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of Olema Pharmaceuticals during the 4th quarter worth $1,130,000. Bank of America Corp DE boosted its position in shares of Olema Pharmaceuticals by 110.6% during the 4th quarter. Bank of America Corp DE now owns 865,339 shares of the company's stock worth $5,045,000 after purchasing an additional 454,400 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Olema Pharmaceuticals during the 4th quarter worth $152,000. Finally, Deutsche Bank AG boosted its position in shares of Olema Pharmaceuticals by 45.0% during the 4th quarter. Deutsche Bank AG now owns 39,331 shares of the company's stock worth $229,000 after purchasing an additional 12,199 shares in the last quarter. 91.78% of the stock is currently 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.