Portland Investment Counsel Inc. Buys Shares of 50,000 Olema Pharmaceuticals, Inc. $OLMA

Portland Investment Counsel Inc. bought a new position in Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 50,000 shares of the company’s stock, valued at approximately $626,000.

Several other hedge funds have also recently modified their holdings of OLMA. Siren L.L.C. increased its holdings in Olema Pharmaceuticals by 44.1% in the 1st 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 in the last quarter. Jennison Associates LLC bought a new position in Olema Pharmaceuticals during the 4th quarter valued at about $24,100,000. SEB Asset Management AB bought a new position in Olema Pharmaceuticals during the 1st quarter valued at about $5,061,000. Defilade Capital Management L.P. lifted its stake in Olema Pharmaceuticals by 21.9% during the 1st quarter. Defilade Capital Management L.P. now owns 1,504,536 shares of the company’s stock valued at $22,433,000 after acquiring an additional 269,902 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Olema Pharmaceuticals by 12.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,082,434 shares of the company’s stock valued at $16,134,000 after acquiring an additional 123,790 shares during the last quarter. Hedge funds and other institutional investors own 91.78% of the company’s stock.

Olema Pharmaceuticals Price Performance

Shares of OLMA stock opened at $10.69 on Monday. The company has a current ratio of 8.86, a quick ratio of 8.86 and a debt-to-equity ratio of 0.01. Olema Pharmaceuticals, Inc. has a 12 month low of $5.36 and a 12 month high of $36.26. The stock has a market cap of $935.38 million, a P/E ratio of -5.04 and a beta of 2.03. The company has a 50 day simple moving average of $11.33 and a two-hundred day simple moving average of $14.82.

Olema Pharmaceuticals (NASDAQ:OLMA) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.06). On average, research analysts expect that Olema Pharmaceuticals, Inc. will post -2.43 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Cyrus Harmon sold 12,500 shares of Olema Pharmaceuticals 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 transaction, the director directly owned 715,270 shares in the company, valued at approximately $8,282,826.60. The trade was a 1.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.56% of the company’s stock.

Analysts Set New Price Targets

OLMA has been the subject of a number of research analyst reports. Guggenheim reduced their price target on shares of Olema Pharmaceuticals from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, May 13th. Weiss Ratings upgraded shares of Olema Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, August 17th. JPMorgan Chase & Co. dropped their target price 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. Citigroup cut their target price on shares of Olema Pharmaceuticals to $59.00 and set a “buy” rating for the company in a research report on Tuesday, August 11th. Finally, HC Wainwright decreased their target price on shares of Olema Pharmaceuticals from $38.00 to $36.00 and set a “buy” rating for the company in a research note on Tuesday, August 11th. Eleven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.40.

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.