Olema Pharmaceuticals (NASDAQ:OLMA) Receives Buy Rating from HC Wainwright

HC Wainwright reissued their buy rating on shares of Olema Pharmaceuticals (NASDAQ:OLMA) in a report issued on Wednesday morning, Benzinga reports. They currently have a $30.00 target price on the stock. HC Wainwright also issued estimates for Olema Pharmaceuticals’ Q3 2024 earnings at ($0.57) EPS, Q4 2024 earnings at ($0.60) EPS, FY2024 earnings at ($2.27) EPS, FY2025 earnings at ($2.74) EPS, FY2026 earnings at ($2.86) EPS, FY2027 earnings at ($2.74) EPS and FY2028 earnings at ($2.33) EPS.

Separately, Oppenheimer restated an outperform rating and issued a $30.00 price objective on shares of Olema Pharmaceuticals in a research note on Wednesday. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of Buy and an average price target of $27.00.

Olema Pharmaceuticals Price Performance

OLMA traded down $0.89 during trading hours on Wednesday, reaching $11.85. The company’s stock had a trading volume of 697,547 shares, compared to its average volume of 855,284. Olema Pharmaceuticals has a fifty-two week low of $8.50 and a fifty-two week high of $17.79. The stock has a market cap of $662.82 million, a PE ratio of -5.87 and a beta of 2.06. The business’s 50-day moving average is $12.96 and its 200-day moving average is $12.18.

Olema Pharmaceuticals (NASDAQ:OLMA) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.54) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.54). Analysts expect that Olema Pharmaceuticals will post -2.3 EPS for the current year.

Insider Activity at Olema Pharmaceuticals

In other news, Director Cyrus Harmon sold 4,066 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $15.58, for a total value of $63,348.28. Following the completion of the sale, the director now owns 752,217 shares of the company’s stock, valued at approximately $11,719,540.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of the company’s 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 sale, the insider now directly owns 783,118 shares of the company’s stock, valued at approximately $11,676,289.38. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Cyrus Harmon sold 4,066 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $15.58, for a total transaction of $63,348.28. Following the completion of the sale, the director now directly owns 752,217 shares of the company’s stock, valued at $11,719,540.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,449,066 shares of company stock worth $36,319,848. 19.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Olema Pharmaceuticals

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Olema Pharmaceuticals by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,710,307 shares of the company’s stock worth $21,122,000 after purchasing an additional 36,785 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of Olema Pharmaceuticals by 38.1% in the fourth quarter. SG Americas Securities LLC now owns 15,874 shares of the company’s stock valued at $223,000 after purchasing an additional 4,379 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Olema Pharmaceuticals by 9.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,951 shares of the company’s stock valued at $224,000 after purchasing an additional 1,367 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Olema Pharmaceuticals during the fourth quarter worth $130,000. Finally, Victory Capital Management Inc. boosted its position in Olema Pharmaceuticals by 879.6% during the fourth quarter. Victory Capital Management Inc. now owns 621,527 shares of the company’s stock worth $8,720,000 after purchasing an additional 558,077 shares during the period. Institutional investors and hedge funds 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.