Olema Pharmaceuticals (NASDAQ:OLMA) Trading 6.8% Higher

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA)’s share price rose 6.8% during mid-day trading on Thursday . The company traded as high as $12.23 and last traded at $12.23. Approximately 248,314 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 817,088 shares. The stock had previously closed at $11.45.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on OLMA shares. Oppenheimer reiterated an “outperform” rating and issued a $30.00 price target on shares of Olema Pharmaceuticals in a research note on Wednesday, August 7th. HC Wainwright reiterated a “buy” rating and issued a $30.00 target price on shares of Olema Pharmaceuticals in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lowered their price target on Olema Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Olema Pharmaceuticals has a consensus rating of “Buy” and an average price target of $27.00.

Olema Pharmaceuticals Stock Up 2.7 %

The company has a market capitalization of $673.50 million, a price-to-earnings ratio of -6.08 and a beta of 2.03. The stock has a 50 day simple moving average of $12.77 and a 200 day simple moving average of $11.90.

Olema Pharmaceuticals (NASDAQ:OLMA) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.54) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.54). As a group, analysts forecast that Olema Pharmaceuticals, Inc. will post -1.51 EPS for the current year.

Insider Activity

In related news, Director Cyrus Harmon sold 20,000 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $10.77, for a total value of $215,400.00. Following the sale, the director now owns 761,283 shares of the company’s stock, valued at approximately $8,199,017.91. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Cyrus Harmon sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $10.77, for a total transaction of $215,400.00. Following the completion of the transaction, the director now directly owns 761,283 shares in the company, valued at $8,199,017.91. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $14.91, for a total value of $35,784,000.00. Following the completion of the sale, the insider now owns 783,118 shares in the company, valued at $11,676,289.38. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,429,066 shares of company stock valued at $36,124,048. 19.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Olema Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Olema Pharmaceuticals during the 4th quarter valued at about $130,000. Victory Capital Management Inc. increased its stake in shares of Olema Pharmaceuticals by 879.6% during the fourth quarter. Victory Capital Management Inc. now owns 621,527 shares of the company’s stock valued at $8,720,000 after acquiring an additional 558,077 shares during the period. Swiss National Bank bought a new stake in Olema Pharmaceuticals during the fourth quarter worth approximately $906,000. Jump Financial LLC acquired a new stake in Olema Pharmaceuticals in the fourth quarter worth approximately $279,000. Finally, Dimensional Fund Advisors LP boosted its stake in Olema Pharmaceuticals by 1.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,715,420 shares of the company’s stock valued at $24,069,000 after purchasing an additional 21,420 shares in the last quarter. 91.78% of the stock is currently owned by institutional investors.

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.