Olema Pharmaceuticals (NASDAQ:OLMA) Stock Price Up 9.3% – Should You Buy?

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) rose 9.3% during mid-day trading on Tuesday . The stock traded as high as $9.74 and last traded at $9.74. Approximately 363,378 shares were traded during trading, a decline of 51% from the average daily volume of 737,057 shares. The stock had previously closed at $8.91.

Wall Street Analyst Weigh In

OLMA has been the subject of several analyst reports. HC Wainwright restated a “buy” rating and issued a $30.00 target price on shares of Olema Pharmaceuticals in a research note on Wednesday, November 13th. Oppenheimer reiterated an “outperform” rating and set a $30.00 target price on shares of Olema Pharmaceuticals in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Olema Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $27.00.

Olema Pharmaceuticals Trading Up 9.1 %

The stock has a market cap of $556.96 million, a price-to-earnings ratio of -4.45 and a beta of 2.02. The stock’s 50-day moving average price is $11.54 and its 200-day moving average price is $11.89.

Hedge Funds Weigh In On Olema Pharmaceuticals

Several hedge funds have recently modified their holdings of OLMA. Point72 Asset Management L.P. purchased a new stake in Olema Pharmaceuticals in the second quarter valued at $34,753,000. Great Point Partners LLC purchased a new stake in Olema Pharmaceuticals in the second quarter valued at $8,622,000. Candriam S.C.A. boosted its position in shares of Olema Pharmaceuticals by 199.9% during the 2nd quarter. Candriam S.C.A. now owns 1,058,673 shares of the company’s stock worth $11,454,000 after purchasing an additional 705,655 shares during the period. Janus Henderson Group PLC grew its position in Olema Pharmaceuticals by 74.5% in the 1st quarter. Janus Henderson Group PLC now owns 1,221,662 shares of the company’s stock valued at $13,817,000 after acquiring an additional 521,562 shares in the last quarter. Finally, Affinity Asset Advisors LLC acquired a new position in shares of Olema Pharmaceuticals in the 2nd quarter valued at $2,976,000. Hedge funds and other 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.