Olema Pharmaceuticals (NASDAQ:OLMA) Shares Up 3.5% - Should You Buy?

Key Points

• Olema Pharmaceuticals shares rose 3.5% to about $10.73, although trading volume was 92% below the stock’s average daily volume.
• Analysts remain broadly positive, with 11 Buy ratings, one Hold, and one Sell; the consensus rating is “Moderate Buy” with an average price target of $42.40, despite several recent target-price cuts.
• The company missed its latest quarterly EPS estimate, reporting a loss of $0.61 per share versus the expected $0.55 loss. Olema is a clinical-stage cancer-drug developer, with its lead candidate OP-1250 in Phase 3 trials for advanced breast cancer.

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Get Free Report) shares were up 3.5% during trading on Thursday . The company traded as high as $10.63 and last traded at $10.7260. 104,214 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 1,368,055 shares. The stock had previously closed at $10.36.

Analyst Ratings Changes

Several equities research analysts have issued reports on OLMA shares. HC Wainwright cut their price objective on shares of Olema Pharmaceuticals from $38.00 to $36.00 and set a "buy" rating for the company in a research report on Tuesday, August 11th. JPMorgan Chase & Co. lowered their target price on Olema Pharmaceuticals from $52.00 to $46.00 and set an "overweight" rating on the stock in a research note on Thursday, August 13th. Citigroup reduced their price target on Olema Pharmaceuticals to $59.00 and set a "buy" rating for the company in a research note on Tuesday, August 11th. Guggenheim decreased their price objective on Olema Pharmaceuticals from $38.00 to $35.00 and set a "buy" rating on the stock in a report on Wednesday, May 13th. Finally, Weiss Ratings cut Olema Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, August 31st. Eleven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Olema Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $42.40.

Olema Pharmaceuticals Price Performance

The company's fifty day moving average price is $11.33 and its 200 day moving average price is $13.60. The company has a market capitalization of $949.72 million, a P/E ratio of -5.12 and a beta of 1.98. The company has a quick ratio of 8.86, a current ratio of 8.86 and a debt-to-equity ratio of 0.01.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.06). As a group, sell-side analysts forecast that Olema Pharmaceuticals, Inc. will post -2.43 EPS for the current year.

Insider Activity

In other news, Director Cyrus Harmon sold 12,500 shares of the stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $11.58, for a total transaction of $144,750.00. Following the sale, the director directly owned 715,270 shares of the company's stock, valued at approximately $8,282,826.60. This represents a 1.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 12.56% of the company's stock.

Institutional Investors Weigh In On Olema Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC bought a new position in Olema Pharmaceuticals in the 1st quarter valued at about $172,000. Goldman Sachs Group Inc. increased its stake in Olema Pharmaceuticals by 93.6% in the first quarter. Goldman Sachs Group Inc. now owns 741,329 shares of the company's stock valued at $2,787,000 after acquiring an additional 358,412 shares during the last quarter. Jane Street Group LLC raised its position in Olema Pharmaceuticals by 216.8% during the first quarter. Jane Street Group LLC now owns 138,552 shares of the company's stock valued at $521,000 after purchasing an additional 94,815 shares in the last quarter. Geode Capital Management LLC lifted its stake in Olema Pharmaceuticals by 22.4% during the second quarter. Geode Capital Management LLC now owns 1,326,123 shares of the company's stock worth $5,650,000 after purchasing an additional 242,997 shares during the last quarter. Finally, Creative Planning acquired a new stake in shares of Olema Pharmaceuticals in the 2nd quarter valued at $83,000. 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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