Olema Pharmaceuticals (NASDAQ:OLMA) Hits New 1-Year High – Here’s Why

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) hit a new 52-week high during trading on Wednesday . The company traded as high as $30.24 and last traded at $28.9010, with a volume of 3349638 shares changing hands. The stock had previously closed at $26.58.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on OLMA shares. UBS Group reiterated a “buy” rating on shares of Olema Pharmaceuticals in a report on Monday, October 20th. Guggenheim assumed coverage on shares of Olema Pharmaceuticals in a report on Wednesday, October 8th. They issued a “buy” rating and a $20.00 price objective on the stock. HC Wainwright raised their target price on shares of Olema Pharmaceuticals from $28.00 to $36.00 and gave the stock a “buy” rating in a report on Tuesday, November 18th. JPMorgan Chase & Co. boosted their target price on shares of Olema Pharmaceuticals from $29.00 to $32.00 and gave the company an “overweight” rating in a research report on Tuesday, November 18th. Finally, Oppenheimer upped their price target on shares of Olema Pharmaceuticals from $22.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, November 18th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Olema Pharmaceuticals Stock Performance

The firm’s 50 day moving average is $14.49 and its 200-day moving average is $8.69. The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of -15.44 and a beta of 1.85. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.03 and a current ratio of 8.03.

Olema Pharmaceuticals (NASDAQ:OLMA) last released its quarterly earnings results on Monday, November 10th. The company reported ($0.49) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.05). Analysts forecast that Olema Pharmaceuticals, Inc. will post -2.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Olema Pharmaceuticals

In other news, Director Cyrus Harmon sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $8.33, for a total transaction of $83,300.00. Following the transaction, the director owned 744,140 shares in the company, valued at $6,198,686.20. This trade represents a 1.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, 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

A number of large investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. acquired a new stake in shares of Olema Pharmaceuticals in the third quarter valued at about $53,000. Ameritas Investment Partners Inc. raised its position in shares of Olema Pharmaceuticals by 55.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,080 shares of the company’s stock worth $26,000 after purchasing an additional 2,168 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Olema Pharmaceuticals by 602.9% in the 2nd quarter. Farther Finance Advisors LLC now owns 6,839 shares of the company’s stock valued at $29,000 after buying an additional 5,866 shares in the last quarter. FNY Investment Advisers LLC boosted its holdings in Olema Pharmaceuticals by 100.0% in the 2nd quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company’s stock worth $42,000 after buying an additional 5,000 shares during the last quarter. Finally, Quarry LP acquired a new stake in Olema Pharmaceuticals in the 1st quarter worth about $45,000. 91.78% of the stock is currently 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.