Olema Pharmaceuticals (NASDAQ:OLMA) Shares Gap Up – Time to Buy?

Shares of Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) gapped up before the market opened on Friday . The stock had previously closed at $7.87, but opened at $8.21. Olema Pharmaceuticals shares last traded at $8.77, with a volume of 170,506 shares trading hands.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Olema Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Oppenheimer reiterated an “outperform” rating and issued a $30.00 price objective on shares of Olema Pharmaceuticals in a research report on Wednesday, August 7th. Finally, HC Wainwright restated a “buy” rating and set a $30.00 target price 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, the company currently has a consensus rating of “Buy” and a consensus price target of $27.00.

Olema Pharmaceuticals Price Performance

The firm has a market cap of $497.94 million, a P/E ratio of -3.95 and a beta of 2.02. The business’s 50-day moving average is $11.69 and its two-hundred day moving average is $11.90.

Hedge Funds Weigh In On Olema Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OLMA. Conway Capital Management Inc. acquired a new stake in shares of Olema Pharmaceuticals during the 3rd quarter worth about $119,000. China Universal Asset Management Co. Ltd. grew its stake in Olema Pharmaceuticals by 67.6% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,014 shares of the company’s stock valued at $132,000 after buying an additional 4,442 shares during the last quarter. Portland Investment Counsel Inc. bought a new position in Olema Pharmaceuticals in the 3rd quarter valued at about $143,000. Cubist Systematic Strategies LLC acquired a new stake in Olema Pharmaceuticals during the second quarter worth approximately $145,000. Finally, SG Americas Securities LLC acquired a new position in shares of Olema Pharmaceuticals in the third quarter valued at approximately $156,000. 91.78% of the stock is owned by institutional investors.

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.