Long Position on OLMA @ $13.25 on 11/29/2023 (Momentum)

Olema Pharmaceuticals, Inc. (OLMA), 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 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; and OP-1250 combine with CDK4/6 inhibitors palbociclib, ribociclib, and alpelisib in Phase 1b/2 clinical trial for the treatment of recurrent, locally advanced, or metastatic estrogen receptor-positive human epidermal growth factor receptor 2-negative breast cancer.

The company was formerly known as CombiThera, Inc. and changed its name to Olema Pharmaceuticals, Inc. in March 2009. Olema Pharmaceuticals, Inc. was incorporated in 2006 and is headquartered in San Francisco, California.

Olema Pharmaceuticals reported a loss of $0.48 per share on revenue of $0.00 million for the third quarter ended September 2023. The consensus estimate was a loss of $0.51 per share. The company beat consensus estimates by 5.88%.

As the stock is already up 471% year-to-date, Olema Pharmaceuticals is set to report updated data from the phase Ib/II study on palazestrant-Ibrance combination at the 2023 San Antonio Breast Cancer Symposium (SABCS) in December, which should determine whether the combination could progress to late-stage development, which would push shares higher.

Entry Point: $13.25

Trading Range: $2.19 - $17.79

Stop Loss: $12.85

Target Price: $14.60

Updates

11/30/2023 2:31:33 PM

OLMA closed at $14.60

Position closed on 11/30/2023 at price of $14.60 with a 10.19% gain in 1 days.

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