Olema Pharmaceuticals (NASDAQ:OLMA) Trading Up 5.7% - What's Next?

Key Points

• Olema Pharmaceuticals' stock price increased by 5.7%, trading at $11.29 after reaching a high of $11.34, despite a 43% drop in trading volume compared to the average.
• A range of analyst reports have upgraded Olema's stock, with JPMorgan raising the target price to $29.00 and six analysts rating it as a Buy, while the average target price is set at $23.33.
• Insider selling occurred as Director Cyrus Harmon sold 10,000 shares at $8.33, representing a 1.33% decrease in his ownership, amid significant institutional interest with 91.78% of the stock held by investors.

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Get Free Report) shares were up 5.7% on Friday . The company traded as high as $11.34 and last traded at $11.29. Approximately 527,212 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 926,897 shares. The stock had previously closed at $10.68.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on OLMA shares. JPMorgan Chase & Co. upped their target price on Olema Pharmaceuticals from $28.00 to $29.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Guggenheim initiated coverage on Olema Pharmaceuticals in a research report on Wednesday. They set a "buy" rating and a $20.00 price objective for the company. Zacks Research upgraded Olema Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 9th. Oppenheimer reiterated an "outperform" rating and set a $22.00 price objective on shares of Olema Pharmaceuticals in a research report on Wednesday, September 3rd. Finally, Citigroup increased their price objective on Olema Pharmaceuticals from $20.00 to $21.00 and gave the company a "buy" rating in a research report on Tuesday, August 12th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $23.33.

Olema Pharmaceuticals Price Performance

The stock has a fifty day moving average price of $7.26 and a 200-day moving average price of $5.43. The company has a market cap of $756.99 million, a PE ratio of -5.57 and a beta of 2.08. 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 earnings results on Monday, August 11th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.43) by ($0.08). On average, equities analysts expect that Olema Pharmaceuticals, Inc. will post -2.33 earnings per share for the current year.

Insider Buying and Selling at Olema Pharmaceuticals

In other news, Director Cyrus Harmon sold 10,000 shares of the company's stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $8.33, for a total value of $83,300.00. Following the transaction, the director directly owned 744,140 shares of the company's stock, valued at approximately $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 SEC, which can be accessed through this link. Insiders have sold 25,000 shares of company stock valued at $204,841 over the last 90 days. Corporate insiders own 16.36% of the company's stock.

Hedge Funds Weigh In On Olema Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. Ameritas Investment Partners Inc. increased its stake in shares of Olema Pharmaceuticals by 55.4% in the second quarter. Ameritas Investment Partners Inc. now owns 6,080 shares of the company's stock worth $26,000 after acquiring an additional 2,168 shares during the last quarter. Farther Finance Advisors LLC increased its position in Olema Pharmaceuticals by 602.9% during the second quarter. Farther Finance Advisors LLC now owns 6,839 shares of the company's stock worth $29,000 after buying an additional 5,866 shares during the last quarter. FNY Investment Advisers LLC increased its position in Olema Pharmaceuticals by 100.0% during the second quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company's stock worth $42,000 after buying an additional 5,000 shares during the last quarter. Quarry LP acquired a new position in Olema Pharmaceuticals during the first quarter worth $45,000. Finally, American Century Companies Inc. acquired a new position in Olema Pharmaceuticals during the second quarter worth $54,000. 91.78% of the stock is owned by institutional investors and hedge funds.

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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