Olema Pharmaceuticals (NASDAQ:OLMA) Shares Up 6.3%

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) shares rose 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.

Analysts Set New Price Targets

Several equities analysts recently issued reports on OLMA shares. JPMorgan Chase & Co. lowered their price objective on Olema Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Oppenheimer reaffirmed an “outperform” rating and issued a $30.00 target price on shares of Olema Pharmaceuticals in a report on Wednesday, August 7th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of Olema Pharmaceuticals in a report on Wednesday, August 7th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $27.00.

Olema Pharmaceuticals Stock Performance

The stock has a 50-day simple moving average of $13.08 and a 200 day simple moving average of $11.80.

Olema Pharmaceuticals (NASDAQ:OLMA) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.54) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.54). Equities analysts forecast that Olema Pharmaceuticals, Inc. will post -1.51 earnings per share for the current year.

Insider Transactions at Olema Pharmaceuticals

In related news, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of Olema Pharmaceuticals stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $14.91, for a total value of $35,784,000.00. Following the completion of the transaction, the insider now owns 783,118 shares in the company, valued at $11,676,289.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 that occurred on Thursday, August 1st. The stock was sold at an average price of $14.91, for a total value of $35,784,000.00. Following the completion of the sale, the insider now owns 783,118 shares in the company, valued at $11,676,289.38. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Cyrus Harmon sold 20,000 shares of the stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $10.77, for a total transaction of $215,400.00. Following the sale, the director now owns 761,283 shares of the company’s stock, valued at approximately $8,199,017.91. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,429,066 shares of company stock worth $36,124,048. 19.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Olema Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 Asset Management L.P. acquired a new position in Olema Pharmaceuticals during the 2nd quarter worth approximately $34,753,000. Dimensional Fund Advisors LP increased its holdings in shares of Olema Pharmaceuticals by 1.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,715,420 shares of the company’s stock valued at $24,069,000 after acquiring an additional 21,420 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Olema Pharmaceuticals by 74.5% during 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 during the last quarter. Candriam S.C.A. increased its stake in Olema Pharmaceuticals by 199.9% during the second quarter. Candriam S.C.A. now owns 1,058,673 shares of the company’s stock valued at $11,454,000 after purchasing an additional 705,655 shares during the last quarter. Finally, Great Point Partners LLC bought a new position in shares of Olema Pharmaceuticals in the 2nd quarter worth about $8,622,000. Hedge funds and other institutional investors own 91.78% of the company’s stock.

Olema Pharmaceuticals Company Profile

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.