Olema Pharmaceuticals (NASDAQ:OLMA) Trading 6.5% Higher - Here's Why

Key Points

• Olema Pharmaceuticals' shares rose by 6.5% on Friday, closing at $8.73, despite a significant decline in trading volume.
• Analysts have set new price targets for Olema, with JPMorgan increasing its target from $28.00 to $29.00 and the consensus rating being a "Moderate Buy" with a target of $24.00.
• Olema reported quarterly earnings of ($0.51) per share, missing estimates by $0.08, while insiders have sold a total of 25,000 shares over the last quarter.

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Get Free Report) shares traded up 6.5% during trading on Friday . The company traded as high as $8.68 and last traded at $8.73. 304,292 shares changed hands during trading, a decline of 66% from the average session volume of 904,976 shares. The stock had previously closed at $8.19.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Olema Pharmaceuticals from $28.00 to $29.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Zacks Research raised shares of Olema Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 9th. Citigroup upped their target price on Olema Pharmaceuticals from $20.00 to $21.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. Finally, Oppenheimer restated an "outperform" rating and issued a $22.00 target price on shares of Olema Pharmaceuticals in a research note on Wednesday, September 3rd. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Olema Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.00.

Olema Pharmaceuticals Trading Up 14.2%

The company has a market cap of $642.10 million, a P/E ratio of -4.73 and a beta of 1.92. The company has a current ratio of 11.09, a quick ratio of 11.09 and a debt-to-equity ratio of 0.01. The stock's 50 day moving average is $6.11 and its 200-day moving average is $5.00.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last announced 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). Research analysts anticipate that Olema Pharmaceuticals, Inc. will post -2.33 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Cyrus Harmon sold 3,086 shares of the firm's stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $8.32, for a total transaction of $25,675.52. Following the sale, the director owned 117,028 shares of the company's stock, valued at $973,672.96. This trade represents a 2.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last quarter, insiders have sold 25,000 shares of company stock worth $204,841. Company insiders own 16.36% of the company's stock.

Institutional Investors Weigh In On Olema Pharmaceuticals

Large investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. lifted its holdings in shares of Olema Pharmaceuticals by 55.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,080 shares of the company's stock valued at $26,000 after buying an additional 2,168 shares during the period. Farther Finance Advisors LLC boosted its position in Olema Pharmaceuticals by 602.9% in the second quarter. Farther Finance Advisors LLC now owns 6,839 shares of the company's stock worth $29,000 after purchasing an additional 5,866 shares during the last quarter. FNY Investment Advisers LLC grew its stake in shares of Olema Pharmaceuticals by 100.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company's stock valued at $42,000 after purchasing an additional 5,000 shares during the period. Quarry LP purchased a new stake in shares of Olema Pharmaceuticals during the 1st quarter valued at about $45,000. Finally, Alpine Global Management LLC bought a new position in shares of Olema Pharmaceuticals in the 1st quarter worth approximately $52,000. Institutional investors own 91.78% of the company's stock.

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.

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