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

Olema Pharmaceuticals (NASDAQ:OLMA) had its price target cut by JPMorgan Chase & Co. from $30.00 to $28.00 in a research report report published on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

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

Olema Pharmaceuticals Stock Performance

Shares of NASDAQ:OLMA opened at $4.11 on Friday. Olema Pharmaceuticals has a 1-year low of $3.93 and a 1-year high of $16.62. The company’s fifty day moving average is $4.98 and its two-hundred day moving average is $8.02. The stock has a market capitalization of $280.85 million, a price-to-earnings ratio of -1.88 and a beta of 2.11.

Olema Pharmaceuticals (NASDAQ:OLMA) last released its quarterly earnings data on Tuesday, March 18th. The company reported ($0.51) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.12. Sell-side analysts expect that Olema Pharmaceuticals will post -2.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Bain Capital Life Sciences Inv acquired 300,000 shares of the stock in a transaction that occurred on Wednesday, January 8th. The shares were purchased at an average cost of $5.76 per share, with a total value of $1,728,000.00. Following the completion of the transaction, the insider now owns 7,800,000 shares of the company’s stock, valued at approximately $44,928,000. This trade represents a 4.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 19.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Olema Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. Bain Capital Life Sciences Investors LLC bought a new position in Olema Pharmaceuticals during the fourth quarter valued at about $43,551,000. Lightspeed Management Company L.L.C. acquired a new position in shares of Olema Pharmaceuticals during the fourth quarter worth approximately $11,257,000. Paradigm Biocapital Advisors LP increased its position in Olema Pharmaceuticals by 32.7% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 7,304,970 shares of the company’s stock worth $42,588,000 after acquiring an additional 1,801,370 shares during the period. Avoro Capital Advisors LLC acquired a new stake in Olema Pharmaceuticals in the 4th quarter worth $9,631,000. Finally, Millennium Management LLC increased its holdings in shares of Olema Pharmaceuticals by 1,154.4% during the 4th quarter. Millennium Management LLC now owns 979,219 shares of the company’s stock worth $5,709,000 after purchasing an additional 901,159 shares during the period. 91.78% of the stock is owned by institutional investors and hedge funds.

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.