Olema Pharmaceuticals (NASDAQ:OLMA) Stock Rating Upgraded by 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 note issued to investors on Tuesday,Zacks.com reports.

OLMA has been the topic of a number of other 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 report on Tuesday, August 12th. JPMorgan Chase & Co. upped their price objective on Olema Pharmaceuticals from $28.00 to $29.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. The Goldman Sachs Group decreased their price objective on Olema Pharmaceuticals from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $22.00 price target on shares of Olema Pharmaceuticals in a report on Wednesday, September 3rd. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $24.00.

Olema Pharmaceuticals Price Performance

Shares of Olema Pharmaceuticals stock opened at $7.81 on Tuesday. The stock's 50-day simple moving average is $5.33 and its 200-day simple moving average is $4.72. Olema Pharmaceuticals has a 52 week low of $2.86 and a 52 week high of $13.93. The company has a market capitalization of $536.00 million, a price-to-earnings ratio of -3.94 and a beta of 1.92. The company has a quick ratio of 11.09, a current ratio of 11.09 and a debt-to-equity ratio of 0.01.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.51) EPS for the quarter, missing analysts' consensus estimates of ($0.43) by ($0.08). As a group, analysts expect that Olema Pharmaceuticals will post -2.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Olema Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of OLMA. Bank of America Corp DE grew its stake in Olema Pharmaceuticals by 110.6% in the fourth 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. Wellington Management Group LLP grew its stake in Olema Pharmaceuticals by 52.1% in the fourth quarter. Wellington Management Group LLP now owns 1,525,484 shares of the company's stock worth $8,839,000 after purchasing an additional 522,799 shares in the last quarter. Millennium Management LLC grew its stake in Olema Pharmaceuticals by 1,154.4% in the fourth quarter. Millennium Management LLC now owns 979,219 shares of the company's stock worth $5,709,000 after purchasing an additional 901,159 shares in the last quarter. Nuveen LLC bought a new position in Olema Pharmaceuticals in the first quarter worth approximately $1,295,000. Finally, Affinity Asset Advisors LLC bought a new position in Olema Pharmaceuticals in the first quarter worth approximately $1,222,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.