Point72 Asset Management L.P. Purchases New Holdings in Olema Pharmaceuticals, Inc. (NASDAQ:OLMA)

Point72 Asset Management L.P. purchased a new stake in Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 3,211,927 shares of the company's stock, valued at approximately $34,753,000. Point72 Asset Management L.P. owned about 5.74% of Olema Pharmaceuticals at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Great Point Partners LLC acquired a new position in shares of Olema Pharmaceuticals in the second quarter valued at $8,622,000. Candriam S.C.A. raised its holdings in Olema Pharmaceuticals by 199.9% in the 2nd quarter. Candriam S.C.A. now owns 1,058,673 shares of the company's stock valued at $11,454,000 after acquiring an additional 705,655 shares during the period. First Light Asset Management LLC acquired a new stake in Olema Pharmaceuticals during the fourth quarter worth approximately $8,854,000. Perceptive Advisors LLC bought a new stake in shares of Olema Pharmaceuticals during the fourth quarter worth approximately $7,574,000. Finally, Janus Henderson Group PLC grew its position in shares of Olema Pharmaceuticals by 74.5% in the first quarter. Janus Henderson Group PLC now owns 1,221,662 shares of the company's stock valued at $13,817,000 after purchasing an additional 521,562 shares during the last quarter. 91.78% of the stock is currently owned by institutional investors and hedge funds.

Olema Pharmaceuticals Stock Down 1.2 %

Shares of NASDAQ OLMA traded down $0.14 during mid-day trading on Wednesday, reaching $11.26. 507,864 shares of the company were exchanged, compared to its average volume of 784,415. Olema Pharmaceuticals, Inc. has a 52 week low of $8.51 and a 52 week high of $17.79. The company's 50 day moving average price is $12.43 and its 200 day moving average price is $11.77. The stock has a market capitalization of $629.82 million, a PE ratio of -5.53 and a beta of 2.02.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last released its earnings results on Tuesday, August 6th. The company reported ($0.54) EPS for the quarter, hitting the consensus estimate of ($0.54). On average, sell-side analysts predict that Olema Pharmaceuticals, Inc. will post -1.51 earnings per share for the current year.

Analyst Upgrades and Downgrades

OLMA has been the subject of a number of analyst reports. HC Wainwright reiterated a "buy" rating and issued a $30.00 price target on shares of Olema Pharmaceuticals in a research report on Wednesday, August 7th. JPMorgan Chase & Co. cut their target price on shares of Olema Pharmaceuticals from $33.00 to $31.00 and set an "overweight" rating on the stock in a research report on Thursday, August 8th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $30.00 price objective on shares of Olema Pharmaceuticals in a report on Wednesday, August 7th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $27.00.

Insider Transactions at Olema Pharmaceuticals

In other Olema Pharmaceuticals news, Director Cyrus Harmon sold 4,066 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $15.58, for a total transaction of $63,348.28. Following the completion of the transaction, the director now owns 752,217 shares of the company's stock, valued at $11,719,540.86. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Cyrus Harmon sold 4,066 shares of the company's stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $15.58, for a total value of $63,348.28. Following the completion of the sale, the director now directly owns 752,217 shares of the company's stock, valued at $11,719,540.86. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of the company's stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $14.91, for a total value of $35,784,000.00. Following the sale, the insider now owns 783,118 shares of the company's stock, valued at $11,676,289.38. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,409,066 shares of company stock valued at $35,908,648 over the last three months. Corporate insiders own 19.40% of the company's stock.

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.