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

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

Olema Pharmaceuticals Stock Performance

Shares of OLMA stock opened at $10.10 on Friday. The business’s 50 day moving average price is $12.05 and its 200-day moving average price is $11.96. Olema Pharmaceuticals has a fifty-two week low of $8.51 and a fifty-two week high of $17.23. The firm has a market cap of $578.73 million, a P/E ratio of -4.61 and a beta of 2.02.

Institutional Trading of Olema Pharmaceuticals

Several large investors have recently bought and sold shares of OLMA. China Universal Asset Management Co. Ltd. increased its stake in shares of Olema Pharmaceuticals by 67.6% during the third 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 in the last quarter. Portland Investment Counsel Inc. purchased a new position in Olema Pharmaceuticals in the third quarter worth about $143,000. SG Americas Securities LLC bought a new position in shares of Olema Pharmaceuticals in the third quarter worth approximately $156,000. Cubist Systematic Strategies LLC bought a new position in shares of Olema Pharmaceuticals in the second quarter worth approximately $145,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Olema Pharmaceuticals during the third quarter valued at approximately $163,000. 91.78% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

OLMA has been the subject of a number of analyst reports. Oppenheimer reaffirmed an “outperform” rating and issued a $30.00 price target on shares of Olema Pharmaceuticals in a report on Wednesday, August 7th. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price objective on shares of Olema Pharmaceuticals in a report on Wednesday. Finally, JPMorgan Chase & Co. cut their target price on Olema Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target 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.