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

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) shares 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 changing hands.

Analyst Ratings Changes

OLMA has been the topic of a number of research analyst reports. HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Olema Pharmaceuticals in a research note on Wednesday, November 13th. 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. Finally, Oppenheimer reiterated an “outperform” rating and set 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, Based on data from MarketBeat, Olema Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $27.00.

Olema Pharmaceuticals Trading Up 11.6 %

The stock has a market cap of $503.08 million, a P/E ratio of -4.01 and a beta of 2.02. The firm has a 50-day simple moving average of $11.61 and a two-hundred day simple moving average of $11.89.

Institutional Trading of Olema Pharmaceuticals

Several large investors have recently modified their holdings of the stock. Point72 Asset Management L.P. grew its holdings in shares of Olema Pharmaceuticals by 14.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,687,374 shares of the company’s stock worth $44,027,000 after purchasing an additional 475,447 shares in the last quarter. State Street Corp boosted its stake in Olema Pharmaceuticals by 1.1% in the third quarter. State Street Corp now owns 1,969,963 shares of the company’s stock valued at $23,521,000 after buying an additional 21,986 shares in the last quarter. Janus Henderson Group PLC boosted its stake 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 valued at $13,817,000 after buying an additional 521,562 shares in the last quarter. Candriam S.C.A. boosted its stake 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 valued at $11,454,000 after buying an additional 705,655 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in Olema Pharmaceuticals by 10.8% in the third quarter. Wellington Management Group LLP now owns 1,002,685 shares of the company’s stock valued at $11,972,000 after buying an additional 97,428 shares in 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.