Olema Pharmaceuticals (NASDAQ:OLMA) Posts Quarterly Earnings Results, Misses Expectations By $0.05 EPS

Olema Pharmaceuticals (NASDAQ:OLMA) released its earnings results on Monday. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.05), Zacks reports.

Olema Pharmaceuticals Trading Up 5.4%

NASDAQ:OLMA traded up $0.45 during midday trading on Monday, hitting $8.80. 56,882 shares of the company traded hands, compared to its average volume of 969,635. The firm has a market capitalization of $604.05 million, a P/E ratio of -4.36 and a beta of 2.07. The firm’s fifty day moving average is $8.75 and its 200-day moving average is $6.20. Olema Pharmaceuticals has a 12-month low of $2.86 and a 12-month high of $13.06. The company has a current ratio of 11.09, a quick ratio of 11.09 and a debt-to-equity ratio of 0.01.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Guggenheim began coverage on shares of Olema Pharmaceuticals in a research report on Wednesday, October 8th. They set a “buy” rating and a $20.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $28.00 price target on shares of Olema Pharmaceuticals in a research note on Monday, October 20th. Citigroup increased their price objective on shares of Olema Pharmaceuticals from $20.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday, August 12th. Oppenheimer reaffirmed an “outperform” rating and issued a $22.00 target price on shares of Olema Pharmaceuticals in a report on Wednesday, September 3rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Olema Pharmaceuticals in a research note on Wednesday, October 8th. Seven 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.00.

Insider Buying and Selling

In related news, Director Cyrus Harmon sold 10,000 shares of the stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $8.33, for a total value of $83,300.00. Following the sale, the director directly owned 744,140 shares of the company’s stock, valued at $6,198,686.20. This represents a 1.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 25,000 shares of company stock worth $204,841. Corporate insiders own 16.36% of the company’s stock.

Hedge Funds Weigh In On Olema Pharmaceuticals

Several institutional investors have recently bought and sold shares of OLMA. Ameriprise Financial Inc. lifted its holdings in Olema Pharmaceuticals by 193.4% during the second quarter. Ameriprise Financial Inc. now owns 1,172,863 shares of the company’s stock worth $4,996,000 after buying an additional 773,064 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Olema Pharmaceuticals by 93.6% during the first quarter. Goldman Sachs Group Inc. now owns 741,329 shares of the company’s stock worth $2,787,000 after acquiring an additional 358,412 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Olema Pharmaceuticals by 22.4% during the second quarter. Geode Capital Management LLC now owns 1,326,123 shares of the company’s stock valued at $5,650,000 after acquiring an additional 242,997 shares in the last quarter. Jane Street Group LLC raised its position in shares of Olema Pharmaceuticals by 216.8% in the 1st quarter. Jane Street Group LLC now owns 138,552 shares of the company’s stock valued at $521,000 after purchasing an additional 94,815 shares during the last quarter. Finally, Thrivent Financial for Lutherans acquired a new stake in Olema Pharmaceuticals in the 2nd quarter worth approximately $308,000. 91.78% of the stock is owned by hedge funds and other 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.