Olema Pharmaceuticals (NASDAQ:OLMA) Stock Price Up 8.5% Following Better-Than-Expected Earnings

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) shares shot up 8.5% on Monday following a better than expected earnings announcement. The stock traded as high as $16.07 and last traded at $15.9550. 518,220 shares were traded during mid-day trading, a decline of 68% from the average session volume of 1,600,911 shares. The stock had previously closed at $14.71.

The company reported ($0.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.01.

Analysts Set New Price Targets

A number of research firms have issued reports on OLMA. Weiss Ratings reiterated a “sell (d-)” rating on shares of Olema Pharmaceuticals in a research note on Thursday, January 22nd. Oppenheimer restated an “outperform” rating on shares of Olema Pharmaceuticals in a research report on Monday, March 9th. JPMorgan Chase & Co. raised their price target on shares of Olema Pharmaceuticals from $29.00 to $32.00 and gave the company an “overweight” rating in a research note on Tuesday, November 18th. UBS Group began coverage on shares of Olema Pharmaceuticals in a research report on Wednesday, January 7th. They issued a “buy” rating and a $45.00 target price for the company. Finally, Citigroup increased their price objective on shares of Olema Pharmaceuticals from $21.00 to $60.00 and gave the company a “buy” rating in a report on Friday, December 12th. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Olema Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $41.00.

Insider Buying and Selling

In related news, insider Naseem Zojwalla sold 99,509 shares of Olema Pharmaceuticals stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $27.66, for a total transaction of $2,752,418.94. Following the sale, the insider directly owned 4,488 shares of the company’s stock, valued at $124,138.08. This trade represents a 95.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Cyrus Harmon sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $26.88, for a total value of $268,800.00. Following the sale, the director owned 727,770 shares in the company, valued at approximately $19,562,457.60. This represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 805,501 shares of company stock worth $23,003,832. 16.36% of the stock is currently owned by corporate insiders.

Institutional Trading of Olema Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Persistent Asset Partners Ltd grew its position in shares of Olema Pharmaceuticals by 153.8% during the 2nd quarter. Persistent Asset Partners Ltd now owns 58,333 shares of the company’s stock worth $248,000 after buying an additional 35,345 shares during the period. Titleist Asset Management LLC acquired a new position in Olema Pharmaceuticals in the second quarter valued at approximately $64,000. Diadema Partners LP boosted its stake in Olema Pharmaceuticals by 153.7% in the second quarter. Diadema Partners LP now owns 253,657 shares of the company’s stock valued at $1,081,000 after acquiring an additional 153,657 shares during the last quarter. Candriam S.C.A. grew its holdings in Olema Pharmaceuticals by 46.9% during the 3rd quarter. Candriam S.C.A. now owns 1,249,727 shares of the company’s stock worth $12,235,000 after acquiring an additional 399,273 shares during the period. Finally, Birchview Capital LP acquired a new stake in Olema Pharmaceuticals during the 2nd quarter worth $571,000. 91.78% of the stock is owned by institutional investors.

Olema Pharmaceuticals Stock Up 8.2%

The firm’s 50-day simple moving average is $24.18 and its 200 day simple moving average is $18.58. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.03 and a current ratio of 8.03. The company has a market cap of $1.09 billion, a P/E ratio of -8.54 and a beta of 1.93.

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.