Olema Pharmaceuticals (NASDAQ:OLMA) Shares Gap Up – Here’s Why

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA)’s share price gapped up prior to trading on Friday . The stock had previously closed at $7.87, but opened at $8.21. Olema Pharmaceuticals shares last traded at $8.77, with a volume of 170,506 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on OLMA shares. JPMorgan Chase & Co. lowered their target price on Olema Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. Oppenheimer reaffirmed an “outperform” rating and issued a $30.00 price objective on shares of Olema Pharmaceuticals in a research note on Wednesday, August 7th. Finally, HC Wainwright reiterated a “buy” rating and issued a $30.00 target price on shares of Olema Pharmaceuticals in a report on Wednesday, November 13th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $27.00.

Olema Pharmaceuticals Trading Up 10.4 %

The company has a fifty day simple moving average of $11.69 and a 200-day simple moving average of $11.90. The stock has a market cap of $497.94 million, a price-to-earnings ratio of -3.95 and a beta of 2.02.

Institutional Investors Weigh In On Olema Pharmaceuticals

Several hedge funds have recently made changes to their positions in the company. Conway Capital Management Inc. purchased a new stake in Olema Pharmaceuticals in the 3rd quarter worth about $119,000. China Universal Asset Management Co. Ltd. increased its stake in Olema Pharmaceuticals by 67.6% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,014 shares of the company’s stock valued at $132,000 after buying an additional 4,442 shares during the period. Portland Investment Counsel Inc. purchased a new stake in shares of Olema Pharmaceuticals during the 3rd quarter worth about $143,000. SG Americas Securities LLC acquired a new position in Olema Pharmaceuticals during the 3rd quarter worth $156,000. Finally, Cubist Systematic Strategies LLC acquired a new position in Olema Pharmaceuticals during the 2nd quarter worth $145,000. Hedge funds and other institutional investors own 91.78% of the company’s stock.

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.