Olema Pharmaceuticals (NASDAQ:OLMA) Stock Price Up 3.4% – Still a Buy?

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) was up 3.4% during mid-day trading on Wednesday. The company traded as high as $8.15 and last traded at $8.19. 105,568 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 1,367,252 shares. The stock had previously closed at $7.92.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on OLMA shares. JPMorgan Chase & Co. cut their price objective on Olema Pharmaceuticals from $52.00 to $46.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. Wall Street Zen downgraded Olema Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 25th. HC Wainwright dropped 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. Weiss Ratings raised Olema Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, September 21st. Finally, Stifel Nicolaus decreased their price objective on Olema Pharmaceuticals from $48.00 to $30.00 and set a “buy” rating on the stock in a report on Monday, September 14th. Eleven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.60.

Olema Pharmaceuticals Trading Up 3.0%

The company has a 50-day moving average of $10.29 and a 200 day moving average of $12.12. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.86 and a quick ratio of 8.86. The company has a market cap of $713.65 million, a PE ratio of -3.85 and a beta of 2.00.

Olema Pharmaceuticals (NASDAQ:OLMA) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.06). Analysts predict that Olema Pharmaceuticals, Inc. will post -2.43 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Cyrus Harmon sold 12,500 shares of the 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 sale, the director owned 715,270 shares in the company, valued at approximately $8,282,826.60. This represents a 1.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 12.56% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Readystate Asset Management LP purchased a new stake in shares of Olema Pharmaceuticals in the second quarter worth approximately $7,429,000. Bank of America Corp DE purchased a new position in Olema Pharmaceuticals during the 2nd quarter valued at $4,189,000. Siren L.L.C. boosted its holdings in Olema Pharmaceuticals by 44.1% during the 1st quarter. Siren L.L.C. now owns 4,756,949 shares of the company’s stock valued at $70,926,000 after acquiring an additional 1,456,249 shares during the period. Bank of New York Mellon Corp purchased a new position in Olema Pharmaceuticals during the 2nd quarter valued at $2,779,000. Finally, Defilade Capital Management L.P. grew its position in Olema Pharmaceuticals by 21.9% in 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 last quarter. 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.