Olema Pharmaceuticals (NASDAQ:OLMA) Shares Gap Up – Still a Buy?

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA)’s share price gapped up prior to trading on Friday . The stock had previously closed at $7.87, but opened at $8.21. Olema Pharmaceuticals shares last traded at $8.77, with a volume of 170,506 shares trading hands.

Wall Street Analyst Weigh In

Several research firms have commented on OLMA. HC Wainwright reiterated a “buy” rating and issued a $30.00 target price on shares of Olema Pharmaceuticals in a research report on Wednesday, November 13th. JPMorgan Chase & Co. dropped their target price 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, Oppenheimer restated an “outperform” rating and set a $30.00 price objective on shares of Olema Pharmaceuticals in a research report on Wednesday, August 7th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $27.00.

Olema Pharmaceuticals Price Performance

The company has a market capitalization of $503.08 million, a P/E ratio of -4.01 and a beta of 2.02. The stock has a 50-day moving average price of $11.61 and a 200-day moving average price of $11.89.

Hedge Funds Weigh In On Olema Pharmaceuticals

A number of hedge funds have recently made changes to their positions in OLMA. Point72 Asset Management L.P. bought a new position in shares of Olema Pharmaceuticals during the second quarter worth about $34,753,000. Great Point Partners LLC bought a new stake in Olema Pharmaceuticals in the second quarter worth approximately $8,622,000. Candriam S.C.A. increased its holdings in Olema Pharmaceuticals by 199.9% in the second quarter. Candriam S.C.A. now owns 1,058,673 shares of the company’s stock worth $11,454,000 after purchasing an additional 705,655 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Olema Pharmaceuticals by 74.5% in the first quarter. Janus Henderson Group PLC now owns 1,221,662 shares of the company’s stock worth $13,817,000 after purchasing an additional 521,562 shares in the last quarter. Finally, Affinity Asset Advisors LLC bought a new stake in Olema Pharmaceuticals in the second quarter worth approximately $2,976,000. 91.78% of the stock is currently owned by 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.