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

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

Other analysts have also issued reports about the company. Oppenheimer reissued an "outperform" rating and issued a $25.00 price target (down from $30.00) on shares of Olema Pharmaceuticals in a research note on Wednesday, March 19th. HC Wainwright restated a "buy" rating and issued a $30.00 target price on shares of Olema Pharmaceuticals in a report on Wednesday, March 19th.

Olema Pharmaceuticals Trading Down 5.5 %

Shares of NASDAQ OLMA traded down $0.21 during midday trading on Friday, reaching $3.56. 252,216 shares of the stock were exchanged, compared to its average volume of 830,785. The stock has a 50 day moving average price of $4.95 and a 200-day moving average price of $7.97. The company has a market capitalization of $242.92 million, a P/E ratio of -1.62 and a beta of 2.11. Olema Pharmaceuticals has a 52-week low of $3.54 and a 52-week high of $16.62.

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Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last issued its quarterly earnings results on Tuesday, March 18th. The company reported ($0.51) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.12. On average, analysts forecast that Olema Pharmaceuticals will post -2.33 earnings per share for the current year.

Insider Transactions at Olema Pharmaceuticals

In other Olema Pharmaceuticals news, major shareholder Bain Capital Life Sciences Inv bought 300,000 shares of the business's stock in a transaction dated Wednesday, January 8th. The shares were acquired at an average price of $5.76 per share, with a total value of $1,728,000.00. Following the purchase, the insider now owns 7,800,000 shares in the company, valued at approximately $44,928,000. The trade was a 4.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 19.40% of the company's stock.

Institutional Trading of Olema Pharmaceuticals

Several large investors have recently added to or reduced their stakes in OLMA. Bain Capital Life Sciences Investors LLC acquired a new position in shares of Olema Pharmaceuticals during the fourth quarter worth about $43,551,000. Paradigm Biocapital Advisors LP boosted its holdings in Olema Pharmaceuticals by 32.7% in the 4th 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. Point72 Asset Management L.P. grew its position in Olema Pharmaceuticals by 14.8% in the third quarter. Point72 Asset Management L.P. now owns 3,687,374 shares of the company's stock valued at $44,027,000 after acquiring an additional 475,447 shares in the last quarter. MPM Bioimpact LLC raised its stake in shares of Olema Pharmaceuticals by 8.7% during the fourth quarter. MPM Bioimpact LLC now owns 2,912,550 shares of the company's stock valued at $16,980,000 after purchasing an additional 231,954 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Olema Pharmaceuticals by 6.0% during the fourth quarter. Vanguard Group Inc. now owns 2,685,009 shares of the company's stock valued at $15,654,000 after purchasing an additional 152,117 shares during the period. 91.78% of the stock is currently 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.