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

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) gapped up before the market opened on Monday . The stock had previously closed at $10.12, but opened at $10.62. Olema Pharmaceuticals shares last traded at $10.40, with a volume of 400,240 shares.

Wall Street Analysts Forecast Growth

OLMA has been the topic of several recent analyst reports. Oppenheimer reiterated an “outperform” rating and issued a $30.00 price target on shares of Olema Pharmaceuticals in a research note on Wednesday, August 7th. JPMorgan Chase & Co. dropped their target price on Olema Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. Finally, HC Wainwright reiterated a “buy” rating and issued a $30.00 price objective 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 data from MarketBeat.com, Olema Pharmaceuticals presently has an average rating of “Buy” and an average price target of $27.00.

Olema Pharmaceuticals Price Performance

The firm has a market cap of $572.98 million, a price-to-earnings ratio of -4.62 and a beta of 2.02. The firm’s fifty day moving average is $11.30 and its 200-day moving average is $11.90.

Hedge Funds Weigh In On Olema Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the business. Ensign Peak Advisors Inc raised its position in shares of Olema Pharmaceuticals by 6.1% during the second quarter. Ensign Peak Advisors Inc now owns 14,849 shares of the company’s stock worth $161,000 after purchasing an additional 850 shares during the period. California State Teachers Retirement System raised its holdings in Olema Pharmaceuticals by 3.4% during the first quarter. California State Teachers Retirement System now owns 34,695 shares of the company’s stock worth $393,000 after buying an additional 1,132 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Olema Pharmaceuticals by 6.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 26,251 shares of the company’s stock valued at $298,000 after buying an additional 1,486 shares during the last quarter. ClariVest Asset Management LLC increased its position in shares of Olema Pharmaceuticals by 3.1% during the second quarter. ClariVest Asset Management LLC now owns 63,149 shares of the company’s stock worth $683,000 after acquiring an additional 1,881 shares in the last quarter. Finally, EP Wealth Advisors LLC raised its holdings in shares of Olema Pharmaceuticals by 5.2% in the 3rd quarter. EP Wealth Advisors LLC now owns 48,655 shares of the company’s stock worth $581,000 after acquiring an additional 2,407 shares during the last quarter. 91.78% of the stock is currently 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.