HC Wainwright Reaffirms Buy Rating for Olema Pharmaceuticals (NASDAQ:OLMA)

Olema Pharmaceuticals (NASDAQ:OLMA)‘s stock had its “buy” rating reiterated by HC Wainwright in a report issued on Wednesday, Benzinga reports. They currently have a $30.00 price objective on the stock. HC Wainwright’s price target would suggest a potential upside of 138.85% from the company’s current price.

Separately, Oppenheimer reiterated an “outperform” rating and set a $30.00 target price on shares of Olema Pharmaceuticals in a report on Wednesday. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $23.50.

Olema Pharmaceuticals Price Performance

NASDAQ OLMA traded down $1.38 during trading on Wednesday, hitting $12.56. 790,982 shares of the company’s stock traded hands, compared to its average volume of 855,808. The firm has a market cap of $702.53 million, a P/E ratio of -6.22 and a beta of 2.06. The stock has a fifty day moving average of $12.79 and a two-hundred day moving average of $12.16. Olema Pharmaceuticals has a 12-month low of $8.50 and a 12-month high of $17.79.

Olema Pharmaceuticals (NASDAQ:OLMA) last issued its earnings results on Tuesday, August 6th. The company reported ($0.54) earnings per share for the quarter, meeting the consensus estimate of ($0.54). As a group, analysts expect that Olema Pharmaceuticals will post -2.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of Olema Pharmaceuticals stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $14.91, for a total transaction of $35,784,000.00. Following the sale, the insider now directly owns 783,118 shares in the company, valued at $11,676,289.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, 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 value of $63,348.28. Following the transaction, the director now directly 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 accessible through this hyperlink. Also, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of the stock in a transaction 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 sale, the insider now owns 783,118 shares in the company, valued at $11,676,289.38. The disclosure for this sale can be found here. Insiders sold a total of 2,449,066 shares of company stock valued at $36,319,848 over the last three months. Corporate insiders own 19.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System raised its stake in Olema Pharmaceuticals by 3.4% during the 1st quarter. California State Teachers Retirement System now owns 34,695 shares of the company’s stock valued at $393,000 after buying an additional 1,132 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in 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 acquiring an additional 1,367 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Olema Pharmaceuticals by 6.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 26,251 shares of the company’s stock worth $298,000 after purchasing an additional 1,486 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its stake in shares of Olema Pharmaceuticals by 66.6% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 10,562 shares of the company’s stock valued at $120,000 after purchasing an additional 4,221 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of Olema Pharmaceuticals by 38.1% during the 4th 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. 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.