Olema Pharmaceuticals (NASDAQ:OLMA) Stock Price Up 3.4% - Here's Why

Key Points

• Olema Pharmaceuticals shares rose 3.4% to $8.19, although trading volume was 92% below the stock’s average daily volume.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $40.60, despite several firms recently lowering their targets.
• The company reported a quarterly loss of $0.61 per share, missing estimates by $0.06, and analysts expect a full-year loss of $2.43 per share.

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Get Free Report) was up 3.4% during trading on Wednesday. The company traded as high as $8.15 and last traded at $8.19. 105,568 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 1,367,252 shares. The stock had previously closed at $7.92.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. reduced their price target on shares of Olema Pharmaceuticals from $52.00 to $46.00 and set an "overweight" rating on the stock in a report on Thursday, August 13th. Wall Street Zen cut shares of Olema Pharmaceuticals from a "sell" rating to a "strong sell" rating in a research note on Saturday, July 25th. Citigroup cut their price objective on Olema Pharmaceuticals to $59.00 and set a "buy" rating for the company in a research report on Tuesday, August 11th. Weiss Ratings upgraded Olema Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, September 21st. Finally, Stifel Nicolaus dropped their price target on Olema Pharmaceuticals from $48.00 to $30.00 and set a "buy" rating for the company in a research report on Monday, September 14th. Eleven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $40.60.

Olema Pharmaceuticals Price Performance

The company's 50 day simple moving average is $10.29 and its 200 day simple moving average is $12.12. 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 has a market capitalization of $713.65 million, a PE ratio of -3.85 and a beta of 2.00.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last posted its quarterly earnings data 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). On average, equities analysts anticipate that Olema Pharmaceuticals, Inc. will post -2.43 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Cyrus Harmon sold 12,500 shares of the company's stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $11.58, for a total value of $144,750.00. Following the completion of the transaction, the director 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 12.56% of the company's stock.

Hedge Funds Weigh In On Olema Pharmaceuticals

Several large investors have recently made changes to their positions in OLMA. Arizona State Retirement System lifted its holdings in Olema Pharmaceuticals by 39.2% in the 2nd quarter. Arizona State Retirement System now owns 14,430 shares of the company's stock worth $181,000 after purchasing an additional 4,062 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Olema Pharmaceuticals during the second quarter valued at approximately $220,000. Readystate Asset Management LP bought a new stake in shares of Olema Pharmaceuticals during the second quarter valued at approximately $7,429,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Olema Pharmaceuticals in the second quarter worth $690,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Olema Pharmaceuticals by 96.3% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 49,136 shares of the company's stock worth $615,000 after buying an additional 24,111 shares in the last quarter. 91.78% of the stock is currently owned by hedge funds and other institutional investors.

Olema Pharmaceuticals Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.