Olema Pharmaceuticals (NASDAQ:OLMA) Stock Price Up 9.3% – Here’s Why

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) shares shot up 9.3% during mid-day trading on Tuesday . The stock traded as high as $9.74 and last traded at $9.74. 363,378 shares were traded during mid-day trading, a decline of 51% from the average session volume of 737,057 shares. The stock had previously closed at $8.91.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Olema Pharmaceuticals in a research report on Wednesday, November 13th. 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. Finally, JPMorgan Chase & Co. decreased their price target on Olema Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Olema Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $27.00.

Olema Pharmaceuticals Stock Performance

The business has a 50 day moving average of $11.54 and a 200-day moving average of $11.89. The company has a market capitalization of $556.96 million, a P/E ratio of -4.45 and a beta of 2.02.

Institutional Investors Weigh In On Olema Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the company. Conway Capital Management Inc. purchased a new position in Olema Pharmaceuticals in the third quarter worth about $119,000. China Universal Asset Management Co. Ltd. raised its stake in 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 purchasing an additional 4,442 shares during the period. Portland Investment Counsel Inc. purchased a new stake in Olema Pharmaceuticals during the third quarter valued at $143,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Olema Pharmaceuticals in the 2nd quarter worth $145,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Olema Pharmaceuticals in the 3rd quarter worth $156,000. Institutional investors own 91.78% of the company’s stock.

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.