Olema Pharmaceuticals (NASDAQ:OLMA) Issues Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Olema Pharmaceuticals (NASDAQ:OLMA) announced its earnings results on Tuesday. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.01), reports.

Olema Pharmaceuticals Price Performance

Shares of OLMA opened at $10.10 on Friday. The company has a market capitalization of $578.73 million, a price-to-earnings ratio of -4.61 and a beta of 2.02. Olema Pharmaceuticals has a 1 year low of $8.51 and a 1 year high of $17.23. The business has a 50-day moving average of $12.05 and a 200-day moving average of $11.96.

Hedge Funds Weigh In On Olema Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. lifted its position in shares of Olema Pharmaceuticals by 67.6% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,014 shares of the company’s stock valued at $132,000 after acquiring an additional 4,442 shares during the period. Portland Investment Counsel Inc. bought a new stake in Olema Pharmaceuticals during the third quarter worth $143,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Olema Pharmaceuticals in the second quarter valued at about $145,000. SG Americas Securities LLC purchased a new position in shares of Olema Pharmaceuticals in the 3rd quarter worth approximately $156,000. Finally, Entropy Technologies LP bought a new position in Olema Pharmaceuticals in the 1st quarter valued at $161,000. Institutional investors own 91.78% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on OLMA. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Olema Pharmaceuticals in a research report on Wednesday. JPMorgan Chase & Co. decreased their target price on shares of Olema Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $30.00 price target on shares of Olema Pharmaceuticals in a research note on Wednesday, August 7th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $27.00.

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.