Point72 Asset Management L.P. Invests $34.75 Million in Olema Pharmaceuticals, Inc. (NASDAQ:OLMA)

Point72 Asset Management L.P. bought a new stake in Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,211,927 shares of the company’s stock, valued at approximately $34,753,000. Point72 Asset Management L.P. owned 5.74% of Olema Pharmaceuticals at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in OLMA. First Light Asset Management LLC acquired a new stake in shares of Olema Pharmaceuticals in the 4th quarter worth approximately $8,854,000. Perceptive Advisors LLC bought a new stake in Olema Pharmaceuticals during the fourth quarter worth approximately $7,574,000. Janus Henderson Group PLC raised its holdings in Olema Pharmaceuticals by 74.5% during the first quarter. Janus Henderson Group PLC now owns 1,221,662 shares of the company’s stock worth $13,817,000 after purchasing an additional 521,562 shares in the last quarter. Entropy Technologies LP acquired a new stake in Olema Pharmaceuticals in the first quarter worth approximately $161,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in Olema Pharmaceuticals during the 1st quarter valued at $176,000. Institutional investors own 91.78% of the company’s stock.

Olema Pharmaceuticals Stock Up 0.6 %

Shares of Olema Pharmaceuticals stock opened at $11.40 on Wednesday. Olema Pharmaceuticals, Inc. has a 12-month low of $8.51 and a 12-month high of $17.79. The firm has a market capitalization of $637.65 million, a PE ratio of -5.68 and a beta of 2.02. The stock’s fifty day moving average is $12.51 and its 200-day moving average is $11.77.

Olema Pharmaceuticals (NASDAQ:OLMA) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.54) EPS for the quarter, meeting analysts’ consensus estimates of ($0.54). Analysts expect that Olema Pharmaceuticals, Inc. will post -1.51 EPS for the current year.

Insider Buying and Selling

In other Olema Pharmaceuticals news, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $14.91, for a total transaction of $35,784,000.00. Following the sale, the insider now directly owns 783,118 shares of the company’s stock, valued at $11,676,289.38. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 783,118 shares in the company, valued at $11,676,289.38. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Cyrus Harmon sold 4,066 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $15.58, for a total transaction 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 trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,409,066 shares of company stock valued at $35,908,648. Company insiders own 19.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. JPMorgan Chase & Co. dropped their price objective on 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 target 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 price objective on shares of Olema Pharmaceuticals in a research report on Wednesday, August 7th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Olema Pharmaceuticals has a consensus rating of “Buy” and a consensus target price of $27.00.

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.