Olema Pharmaceuticals (NASDAQ:OLMA) Shares Up 6.3%

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) was up 6.3% during mid-day trading on Thursday . The stock traded as high as $13.67 and last traded at $13.62. Approximately 172,961 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 800,052 shares. The stock had previously closed at $12.81.

Wall Street Analyst Weigh In

OLMA has been the subject of a number of recent research reports. Oppenheimer reissued an “outperform” rating and set a $30.00 price objective on shares of Olema Pharmaceuticals in a research note on Wednesday, August 7th. JPMorgan Chase & Co. dropped their price target on Olema Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. Finally, HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Olema Pharmaceuticals in a research report on Wednesday, August 7th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $27.00.

Olema Pharmaceuticals Trading Up 6.0 %

The company’s 50 day simple moving average is $13.03 and its 200 day simple moving average is $11.79. The stock has a market capitalization of $777.73 million, a PE ratio of -6.74 and a beta of 2.03.

Olema Pharmaceuticals (NASDAQ:OLMA) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.54) EPS for the quarter, meeting analysts’ consensus estimates of ($0.54). As a group, analysts predict that Olema Pharmaceuticals, Inc. will post -1.51 EPS for the current year.

Insider Activity

In other Olema Pharmaceuticals news, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $14.91, for a total transaction of $35,784,000.00. Following the transaction, the insider now owns 783,118 shares of the company’s stock, valued at $11,676,289.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Olema Pharmaceuticals news, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $14.91, for a total transaction of $35,784,000.00. Following the completion of the sale, the insider now owns 783,118 shares of the company’s stock, valued at $11,676,289.38. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Cyrus Harmon sold 4,066 shares of the company’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $15.58, for a total value of $63,348.28. Following the sale, the director now owns 752,217 shares of the company’s stock, valued at $11,719,540.86. The disclosure for this sale can be found here. Insiders sold a total of 2,429,066 shares of company stock valued at $36,124,048 in the last 90 days. 19.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. increased its holdings in Olema Pharmaceuticals by 66.6% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 10,562 shares of the company’s stock valued at $120,000 after purchasing an additional 4,221 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in Olema Pharmaceuticals during the second quarter valued at $145,000. Entropy Technologies LP acquired a new position in shares of Olema Pharmaceuticals in the 1st quarter valued at about $161,000. Ensign Peak Advisors Inc raised its position in shares of Olema Pharmaceuticals by 6.1% during the 2nd quarter. Ensign Peak Advisors Inc now owns 14,849 shares of the company’s stock worth $161,000 after purchasing an additional 850 shares during the period. Finally, EntryPoint Capital LLC lifted its stake in Olema Pharmaceuticals by 949.9% in the first quarter. EntryPoint Capital LLC now owns 14,530 shares of the company’s stock valued at $164,000 after buying an additional 13,146 shares during the last quarter. 91.78% of the stock is owned by institutional investors and hedge funds.

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.