Piper Sandler Initiates Coverage on Olema Pharmaceuticals (NASDAQ:OLMA)

Investment analysts at Piper Sandler assumed coverage on shares of Olema Pharmaceuticals (NASDAQ:OLMA) in a report issued on Wednesday, Marketbeat Ratings reports. The firm set an “overweight” rating and a $40.00 price target on the stock. Piper Sandler’s target price indicates a potential upside of 56.43% from the company’s current price.

Several other research analysts have also recently issued reports on OLMA. UBS Group began coverage on shares of Olema Pharmaceuticals in a report on Wednesday. They issued a “buy” rating and a $45.00 target price on the stock. The Goldman Sachs Group raised their price target on Olema Pharmaceuticals from $26.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. JPMorgan Chase & Co. raised their target price on shares of Olema Pharmaceuticals from $29.00 to $32.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 18th. Oppenheimer boosted their price target on shares of Olema Pharmaceuticals from $45.00 to $48.00 and gave the company an “outperform” rating in a research report on Thursday, December 11th. Finally, Guggenheim started coverage on Olema Pharmaceuticals in a research note on Wednesday, October 8th. They issued a “buy” rating and a $20.00 target price for the company. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Olema Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Olema Pharmaceuticals Stock Down 5.5%

Shares of OLMA opened at $25.57 on Wednesday. The firm has a market cap of $1.76 billion, a P/E ratio of -13.67 and a beta of 1.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.03 and a quick ratio of 8.03. Olema Pharmaceuticals has a 1 year low of $2.86 and a 1 year high of $36.26. The stock has a 50 day simple moving average of $22.68 and a two-hundred day simple moving average of $12.28.

Olema Pharmaceuticals (NASDAQ:OLMA) last released its earnings results on Monday, November 10th. The company reported ($0.49) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.05). On average, analysts forecast that Olema Pharmaceuticals will post -2.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Cyrus Harmon sold 2,881 shares of the firm’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $28.53, for a total value of $82,194.93. Following the transaction, the director owned 741,259 shares of the company’s stock, valued at $21,148,119.27. This trade represents a 0.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David C. Myles sold 51,000 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $30.46, for a total value of $1,553,460.00. Following the transaction, the insider owned 551,881 shares of the company’s stock, valued at approximately $16,810,295.26. This trade represents a 8.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 588,190 shares of company stock worth $17,038,578. Corporate insiders own 16.36% of the company’s stock.

Hedge Funds Weigh In On Olema Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the company. Susquehanna International Group LLP grew its stake in shares of Olema Pharmaceuticals by 20.6% during the third quarter. Susquehanna International Group LLP now owns 112,277 shares of the company’s stock valued at $1,099,000 after buying an additional 19,182 shares during the last quarter. Quarry LP bought a new stake in Olema Pharmaceuticals during the 3rd quarter valued at about $184,000. Paradigm Biocapital Advisors LP lifted its holdings in Olema Pharmaceuticals by 0.4% during the 3rd quarter. Paradigm Biocapital Advisors LP now owns 6,794,172 shares of the company’s stock valued at $66,515,000 after buying an additional 30,000 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Olema Pharmaceuticals in the 3rd quarter valued at about $268,000. Finally, Kingdon Capital Management L.L.C. purchased a new stake in Olema Pharmaceuticals in the 3rd quarter valued at about $8,361,000. 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.