Olema Pharmaceuticals (NASDAQ:OLMA) Shares Up 7.4% – Time to Buy?

Shares of Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) were 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 Analyst Weigh In

OLMA has been the subject of a number of research analyst reports. Wall Street Zen cut Olema Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, July 25th. Citigroup lowered their target price on Olema Pharmaceuticals to $59.00 and set a “buy” rating on the stock in a research note on Tuesday, August 11th. Weiss Ratings upgraded Olema Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, September 21st. JPMorgan Chase & Co. dropped their price target on Olema Pharmaceuticals from $52.00 to $46.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Finally, HC Wainwright reduced their price target on 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 equities 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. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $40.60.

Olema Pharmaceuticals Stock Performance

The stock has a 50 day simple moving average of $9.44 and a 200 day simple moving average of $11.62. 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 cap of $634.38 million, a P/E ratio of -3.42 and a beta of 2.00.

Olema Pharmaceuticals (NASDAQ:OLMA) last announced its quarterly earnings data 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, equities analysts expect that Olema Pharmaceuticals, Inc. will post -2.43 earnings per share for the current year.

Insider Activity at Olema Pharmaceuticals

In related news, Director Cyrus Harmon sold 12,500 shares of the business’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 transaction, the director owned 715,270 shares of the company’s stock, valued at $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 available through this link. Insiders own 12.56% of the company’s stock.

Institutional Investors Weigh In On Olema Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of OLMA. Jupiter Topco LLC bought a new position in Olema Pharmaceuticals in the second quarter valued at approximately $88,803,000. BlackRock Inc. acquired a new position in Olema Pharmaceuticals during the second quarter valued at approximately $84,001,000. Siren L.L.C. lifted its stake 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 purchasing an additional 1,456,249 shares during the last quarter. Jennison Associates LLC lifted its stake in Olema Pharmaceuticals by 89.0% during the first 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 Olema Pharmaceuticals during the second quarter worth $7,429,000. Institutional investors own 91.78% of the company’s stock.

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.