Olema Pharmaceuticals (NASDAQ:OLMA) Stock Price Up 7.7% – Here’s Why

Shares of Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) shot up 7.7% during mid-day trading on Thursday . The company traded as high as $26.42 and last traded at $26.4650. Approximately 401,187 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 1,140,477 shares. The stock had previously closed at $24.57.

Analyst Upgrades and Downgrades

OLMA has been the topic of a number of research analyst reports. Citigroup boosted their target price on Olema Pharmaceuticals from $21.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Oppenheimer boosted their price objective on Olema Pharmaceuticals from $45.00 to $48.00 and gave the stock an “outperform” rating in a research report on Thursday, December 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Olema Pharmaceuticals in a research report on Thursday, January 22nd. Guggenheim started coverage on Olema Pharmaceuticals in a research note on Wednesday, October 8th. They set a “buy” rating and a $20.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their price target on shares of Olema Pharmaceuticals from $29.00 to $32.00 and gave the company an “overweight” rating in a research report on Tuesday, November 18th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Olema Pharmaceuticals Trading Up 7.0%

The stock has a market cap of $1.80 billion, a PE ratio of -14.07 and a beta of 1.92. The company has a quick ratio of 8.03, a current ratio of 8.03 and a debt-to-equity ratio of 0.01. The firm has a 50-day simple moving average of $27.44 and a 200-day simple moving average of $14.53.

Olema Pharmaceuticals (NASDAQ:OLMA) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.05). Equities analysts forecast that Olema Pharmaceuticals, Inc. will post -2.33 earnings per share for the current year.

Insider Activity at Olema Pharmaceuticals

In other news, insider David C. Myles sold 51,000 shares of the company’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $30.46, for a total value of $1,553,460.00. Following the transaction, the insider owned 551,881 shares of the company’s stock, valued at approximately $16,810,295.26. This represents a 8.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Naseem Zojwalla sold 100,000 shares of the business’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $28.04, for a total value of $2,804,000.00. Following the transaction, the insider owned 53,997 shares of the company’s stock, valued at approximately $1,514,075.88. The trade was a 64.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 765,501 shares of company stock valued at $22,052,432 in the last quarter. 16.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Olema Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of OLMA. Huntleigh Advisors Inc. purchased a new position in Olema Pharmaceuticals in the 4th quarter worth approximately $503,000. Vanguard Group Inc. increased its position in shares of Olema Pharmaceuticals by 11.4% during the 4th quarter. Vanguard Group Inc. now owns 3,561,355 shares of the company’s stock valued at $89,034,000 after purchasing an additional 364,035 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of Olema Pharmaceuticals by 8.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 13,018 shares of the company’s stock valued at $325,000 after buying an additional 987 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Olema Pharmaceuticals by 44.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,822 shares of the company’s stock worth $96,000 after buying an additional 1,169 shares in the last quarter. Finally, Tema Etfs LLC bought a new position in Olema Pharmaceuticals during the fourth quarter valued at approximately $1,113,000. 91.78% of the stock is owned by hedge funds and other 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.