JPMorgan Chase & Co. Cuts Olema Pharmaceuticals (NASDAQ:OLMA) Price Target to $28.00

Olema Pharmaceuticals (NASDAQ:OLMA) had its price objective reduced by JPMorgan Chase & Co. from $30.00 to $28.00 in a report released on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock.

Several other brokerages have also issued reports on OLMA. HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Olema Pharmaceuticals in a research note on Wednesday, March 19th. Oppenheimer restated an “outperform” rating and set a $25.00 price objective (down previously from $30.00) on shares of Olema Pharmaceuticals in a report on Wednesday, March 19th.

Olema Pharmaceuticals Price Performance

Shares of OLMA stock opened at $4.20 on Friday. The stock has a market capitalization of $287.00 million, a PE ratio of -1.92 and a beta of 2.11. The business’s 50 day simple moving average is $5.02 and its 200 day simple moving average is $8.14. Olema Pharmaceuticals has a one year low of $3.93 and a one year high of $16.62.

Olema Pharmaceuticals (NASDAQ:OLMA) last issued its quarterly earnings results on Tuesday, March 18th. The company reported ($0.51) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.12. As a group, research analysts expect that Olema Pharmaceuticals will post -2.33 earnings per share for the current year.

Insider Activity at Olema Pharmaceuticals

In related news, major shareholder Bain Capital Life Sciences Inv purchased 300,000 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The stock was bought at an average price of $5.76 per share, for a total transaction of $1,728,000.00. Following the purchase, the insider now directly owns 7,800,000 shares in the company, valued at approximately $44,928,000. This trade represents a 4.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 19.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Olema Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the company. Intech Investment Management LLC purchased a new position in shares of Olema Pharmaceuticals during the 3rd quarter valued at $163,000. Charles Schwab Investment Management Inc. raised its stake in Olema Pharmaceuticals by 168.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 330,761 shares of the company’s stock valued at $3,949,000 after acquiring an additional 207,565 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Olema Pharmaceuticals in the 3rd quarter valued at about $238,000. Portland Investment Counsel Inc. purchased a new stake in Olema Pharmaceuticals during the third quarter valued at about $143,000. Finally, Ikarian Capital LLC bought a new position in Olema Pharmaceuticals during the third quarter worth about $1,098,000. 91.78% of the stock is owned by institutional investors.

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.