Olema Pharmaceuticals (NASDAQ:OLMA) Shares Up 7.4% - What's Next?

Key Points

• Olema Pharmaceuticals shares rose 7.4% to about $7.07 in mid-day trading, although volume was 77% below its average.
• Analysts maintain a generally positive outlook, with 11 Buy ratings and a consensus “Moderate Buy” rating; the average price target is $40.60, substantially above the current share price.
• The clinical-stage biotech recently missed quarterly EPS estimates, reporting a loss of $0.61 per share versus expectations of $0.55, while its lead cancer drug candidate is palazestrant.

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Get Free Report)'s stock price traded up 7.4% during mid-day trading on Monday. The stock traded as high as $7.01 and last traded at $7.0660. 310,098 shares were traded during trading, a decline of 77% from the average daily volume of 1,362,709 shares. The stock had previously closed at $6.58.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Weiss Ratings upgraded Olema Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, September 21st. Wall Street Zen cut Olema Pharmaceuticals from a "sell" rating to a "strong sell" rating in a report on Saturday, July 25th. Stifel Nicolaus lowered their price objective on Olema Pharmaceuticals from $48.00 to $30.00 and set a "buy" rating for the company in a research note on Monday, September 14th. JPMorgan Chase & Co. lowered their price objective on Olema Pharmaceuticals from $52.00 to $46.00 and set an "overweight" rating for the company in a research note on Thursday, August 13th. Finally, HC Wainwright dropped their price objective on shares of Olema Pharmaceuticals from $38.00 to $36.00 and set a "buy" rating for the company in a report on Tuesday, August 11th. Eleven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.60.

Olema Pharmaceuticals Stock Up 7.4%

The stock has a market cap of $618.54 million, a price-to-earnings ratio of -3.33 and a beta of 2.00. The company has a current ratio of 8.86, a quick ratio of 8.86 and a debt-to-equity ratio of 0.01. The stock's 50-day moving average price is $9.60 and its 200-day moving average price is $11.73.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.61) EPS for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.06). On average, sell-side analysts expect that Olema Pharmaceuticals, Inc. will post -2.43 earnings per share for the current year.

Insider Activity at Olema Pharmaceuticals

In other news, Director Cyrus Harmon sold 12,500 shares of the firm's stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $11.58, for a total value of $144,750.00. Following the completion of the sale, the director directly owned 715,270 shares in the company, valued at $8,282,826.60. This trade represents a 1.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 12.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Olema Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. Jupiter Topco LLC bought a new position in Olema Pharmaceuticals in the 2nd quarter valued at $88,803,000. BlackRock Inc. purchased a new stake in Olema Pharmaceuticals during the second quarter worth about $84,001,000. Siren L.L.C. increased its holdings in Olema Pharmaceuticals by 44.1% during the first quarter. Siren L.L.C. now owns 4,756,949 shares of the company's stock worth $70,926,000 after buying an additional 1,456,249 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Olema Pharmaceuticals by 89.0% during the 1st quarter. Jennison Associates LLC now owns 1,822,123 shares of the company's stock worth $27,168,000 after purchasing an additional 858,126 shares during the last quarter. Finally, Readystate Asset Management LP bought a new stake in shares of Olema Pharmaceuticals in the second quarter valued at $7,429,000. Institutional investors own 91.78% of the company's stock.

About Olema Pharmaceuticals

Olema Pharmaceuticals, Inc NASDAQ: OLMA is a clinical-stage biopharmaceutical company focused on developing therapies for women's cancers, with an emphasis on hormone receptor-positive breast cancer. The company's research is centered on oral endocrine medicines designed to target estrogen receptor signaling, an important driver of many breast tumors.

Olema's lead product candidate is palazestrant, an investigational oral selective estrogen receptor degrader (SERD) being evaluated for the treatment of estrogen receptor-positive, HER2-negative advanced or metastatic breast cancer.

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