Olema Pharmaceuticals (NASDAQ:OLMA) Trading Up 26% – Here’s Why

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) traded up 26% on Thursday . The stock traded as high as $23.89 and last traded at $24.4810. 2,315,936 shares were traded during trading, an increase of 61% from the average session volume of 1,439,444 shares. The stock had previously closed at $19.43.

Analyst Ratings Changes

OLMA has been the subject of several research reports. HC Wainwright increased their price objective on shares of Olema Pharmaceuticals from $28.00 to $36.00 and gave the company a “buy” rating in a research report on Tuesday. Guggenheim began coverage on Olema Pharmaceuticals in a research report on Wednesday, October 8th. They set a “buy” rating and a $20.00 price target on the stock. UBS Group restated a “buy” rating on shares of Olema Pharmaceuticals in a report on Monday, October 20th. Zacks Research upgraded shares of Olema Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Olema Pharmaceuticals in a research report on Wednesday, October 8th. Seven 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. According to MarketBeat.com, Olema Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Olema Pharmaceuticals Stock Performance

The company has a current ratio of 8.03, a quick ratio of 8.03 and a debt-to-equity ratio of 0.01. The stock has a market cap of $1.59 billion, a PE ratio of -12.39 and a beta of 2.07. The business’s 50-day moving average price is $10.01 and its 200-day moving average price is $6.76.

Olema Pharmaceuticals (NASDAQ:OLMA) last announced its earnings results on Monday, November 10th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.05). As a group, equities research analysts expect that Olema Pharmaceuticals, Inc. will post -2.33 earnings per share for the current fiscal year.

Insider Transactions at Olema Pharmaceuticals

In other Olema Pharmaceuticals news, Director Cyrus Harmon sold 10,000 shares of the stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $8.33, for a total value of $83,300.00. Following the completion of the sale, the director directly owned 744,140 shares in the company, valued at approximately $6,198,686.20. This trade represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders sold 25,000 shares of company stock worth $204,841. Corporate insiders own 16.36% of the company’s stock.

Hedge Funds Weigh In On Olema Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of OLMA. Russell Investments Group Ltd. acquired a new stake in Olema Pharmaceuticals in the 3rd quarter worth approximately $53,000. Ameritas Investment Partners Inc. raised its holdings in shares of Olema Pharmaceuticals by 55.4% in the second quarter. Ameritas Investment Partners Inc. now owns 6,080 shares of the company’s stock worth $26,000 after buying an additional 2,168 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Olema Pharmaceuticals by 602.9% during the second quarter. Farther Finance Advisors LLC now owns 6,839 shares of the company’s stock worth $29,000 after buying an additional 5,866 shares during the period. FNY Investment Advisers LLC grew its holdings in shares of Olema Pharmaceuticals by 100.0% during the second quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company’s stock valued at $42,000 after buying an additional 5,000 shares during the last quarter. Finally, Quarry LP acquired a new position in shares of Olema Pharmaceuticals in the 1st quarter valued at $45,000. 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.