Olema Pharmaceuticals (NASDAQ:OLMA) Trading 7.7% Higher - Here's What Happened

Key Points

• Shares rose 7.7% to about $16.89 midday, trading 498,803 shares — a 69% drop from the stock's average session volume.
• Analysts are largely positive (11 Buys, 2 Holds, 1 Sell) with an average price target of $44.40, reflecting a consensus "Moderate Buy."
• Olema is a clinical-stage biopharma with a market cap of $1.46 billion; its lead candidate, OP-1250, is in Phase 3 for ER+/HER2- breast cancer.

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Get Free Report) shares traded up 7.7% during mid-day trading on Thursday . The company traded as high as $16.77 and last traded at $16.8910. 498,803 shares traded hands during trading, a decline of 69% from the average session volume of 1,612,584 shares. The stock had previously closed at $15.69.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. TD Cowen reiterated a "buy" rating on shares of Olema Pharmaceuticals in a research note on Monday, March 9th. Guggenheim decreased their price target on shares of Olema Pharmaceuticals from $40.00 to $38.00 and set a "buy" rating for the company in a research report on Tuesday, March 17th. UBS Group initiated coverage on shares of Olema Pharmaceuticals in a research report on Wednesday, January 7th. They set a "buy" rating and a $45.00 price target for the company. HC Wainwright decreased their price target on shares of Olema Pharmaceuticals from $45.00 to $38.00 and set a "buy" rating for the company in a research report on Monday, March 9th. Finally, Oppenheimer reissued an "outperform" rating on shares of Olema Pharmaceuticals in a research report on Monday, March 9th. Eleven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $44.40.

Olema Pharmaceuticals Price Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 9.95 and a quick ratio of 9.95. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of -9.08 and a beta of 2.17. The business's 50-day moving average price is $19.87 and its two-hundred day moving average price is $19.44.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last released its quarterly earnings results on Monday, March 16th. The company reported ($0.50) earnings per share for the quarter, topping analysts' consensus estimates of ($0.51) by $0.01. On average, research analysts forecast that Olema Pharmaceuticals, Inc. will post -2.33 EPS for the current fiscal year.

Insider Buying and Selling at Olema Pharmaceuticals

In other Olema Pharmaceuticals news, Director Cyrus Harmon sold 10,000 shares of Olema Pharmaceuticals stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $26.88, for a total value of $268,800.00. Following the completion of the transaction, the director owned 727,770 shares of the company's stock, valued at $19,562,457.60. The trade was a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Shawnte Mitchell sold 25,000 shares of Olema Pharmaceuticals stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $24.25, for a total transaction of $606,250.00. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 217,311 shares of company stock worth $5,965,254. Company insiders own 16.36% of the company's stock.

Hedge Funds Weigh In On Olema Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in OLMA. Diadema Partners LP boosted its holdings in shares of Olema Pharmaceuticals by 153.7% during the second quarter. Diadema Partners LP now owns 253,657 shares of the company's stock valued at $1,081,000 after acquiring an additional 153,657 shares during the period. SG Americas Securities LLC acquired a new position in shares of Olema Pharmaceuticals during the fourth quarter valued at $1,735,000. Candriam S.C.A. boosted its holdings in shares of Olema Pharmaceuticals by 46.9% during the third quarter. Candriam S.C.A. now owns 1,249,727 shares of the company's stock valued at $12,235,000 after acquiring an additional 399,273 shares during the period. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Olema Pharmaceuticals by 83.2% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 447,046 shares of the company's stock valued at $11,176,000 after acquiring an additional 202,970 shares during the period. Finally, Kingdon Capital Management L.L.C. acquired a new position in shares of Olema Pharmaceuticals during the third quarter valued at $8,361,000. Institutional investors and hedge funds 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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