Olema Pharmaceuticals (NASDAQ:OLMA) Trading 8.5% Higher After Strong Earnings

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA)’s stock price rose 8.5% on Monday following a better than expected earnings announcement. The company traded as high as $16.07 and last traded at $15.9550. Approximately 518,220 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 1,600,911 shares. The stock had previously closed at $14.71.

The company reported ($0.50) EPS for the quarter, topping the consensus estimate of ($0.51) by $0.01.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. The Goldman Sachs Group lifted their target price on Olema Pharmaceuticals from $26.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Oppenheimer reissued an “outperform” rating on shares of Olema Pharmaceuticals in a research report on Monday, March 9th. Stifel Nicolaus initiated coverage on Olema Pharmaceuticals in a research note on Wednesday, February 11th. They issued a “buy” rating and a $48.00 price target for the company. HC Wainwright lowered their price target on Olema Pharmaceuticals from $45.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, March 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Olema Pharmaceuticals in a research note on Thursday, January 22nd. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $41.00.

Insider Buying and Selling

In other news, Director Cyrus Harmon sold 10,000 shares of Olema Pharmaceuticals stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $26.88, for a total transaction of $268,800.00. Following the completion of the transaction, the director directly owned 727,770 shares in the company, valued at approximately $19,562,457.60. The trade was a 1.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Naseem Zojwalla sold 99,509 shares of the firm’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $27.66, for a total transaction of $2,752,418.94. Following the sale, the insider owned 4,488 shares of the company’s stock, valued at approximately $124,138.08. This represents a 95.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 805,501 shares of company stock worth $23,003,832 in the last 90 days. 16.36% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of OLMA. Nisa Investment Advisors LLC lifted its position in Olema Pharmaceuticals by 14.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,764 shares of the company’s stock worth $94,000 after acquiring an additional 477 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Olema Pharmaceuticals by 8.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 13,018 shares of the company’s stock worth $325,000 after acquiring an additional 987 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Olema Pharmaceuticals by 44.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,822 shares of the company’s stock valued at $96,000 after purchasing an additional 1,169 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Olema Pharmaceuticals by 9,476.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,245 shares of the company’s stock valued at $31,000 after purchasing an additional 1,232 shares during the last quarter. Finally, ProShare Advisors LLC increased its stake in shares of Olema Pharmaceuticals by 13.8% during the fourth quarter. ProShare Advisors LLC now owns 14,367 shares of the company’s stock worth $359,000 after purchasing an additional 1,740 shares during the period. Institutional investors and hedge funds own 91.78% of the company’s stock.

Olema Pharmaceuticals Stock Performance

The company has a market cap of $1.14 billion, a P/E ratio of -8.88 and a beta of 1.93. The stock has a 50 day moving average price of $24.01 and a two-hundred day moving average price of $18.66. The company has a quick ratio of 8.03, a current ratio of 8.03 and a debt-to-equity ratio of 0.01.

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.