Olema Pharmaceuticals

OLMA · NASDAQ

$7.25+$0.14 (+1.97%)TodayMarket closed · Oct 20, 7:36 PM ET

Prev close $7.11

OLMA analyst rating

BuyConsensus of 11 analysts over the last 12 months. 91% rate it a buy.

Strong buy0
Buy10
Hold1
Underperform0
Sell0

12-month price target · 12 analysts

Average $36.15 (+398.7% upside)

Low: $16.16
Now: $7.25
High: $61.95

Upgrades and downgrades

The latest rating actions, newest first

OLMA analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Stifel	Sep 14, 2026	Maintains	Buy	$48.00 → $30.00	39%
JP Morgan	Aug 13, 2026	Maintains	Overweight	$52.00 → $46.00	48%
Citigroup	Aug 11, 2026	Maintains	Buy	$62.00 → $59.00	42%
HC Wainwright & Co.	Aug 11, 2026	Maintains	Buy	$38.00 → $36.00	27%
Guggenheim	May 13, 2026	Maintains	Buy	$38.00 → $35.00	46%
Wolfe Research	Mar 27, 2026	Initiates	Peer Perform	—	37%
Jefferies	Mar 19, 2026	Initiates	Buy	$43.00 → $40.00	25%
JP Morgan	Mar 18, 2026	Maintains	Overweight	$55.00 → $58.00	48%
Goldman Sachs	Mar 18, 2026	Maintains	Buy	$38.00 → $27.00	34%
Citigroup	Mar 17, 2026	Maintains	Buy	$60.00 → $62.00	42%

The case for and against

Updated Oct 15, 2026

Bull case

Olema Pharmaceuticals is well positioned by a maturing pipeline that now shows credible clinical proof-of-concept across both OP-3136 and palazestrant, with OP-3136 delivering 68% tumor shrinkage in 19 evaluable patients, no DLTs, and deep ~70-90% H3K23 reduction consistent with on-target activity. The Bayer collaboration for OP-3136 in mCRPC expands the asset beyond breast cancer while preserving full global commercial rights, and the completed enrollment of palazestrant + atirmociclib, plus access to Pfizer-supplied atirmociclib, strengthens optionality across combination strategies. Fundamentally, the company benefits from a differentiated endocrine backbone in palazestrant, encouraging efficacy signals in ESR1wt disease, and a supportive commercial read-through from Inluriyo’s $75M 2Q26 worldwide sales and $110M YTD through June, which validates demand in biomarker-defined ER+/HER2- mBC.

Bear case

Olema Pharmaceuticals is a clinical-stage biopharmaceutical company with no approved products, so its valuation depends heavily on uncertain readouts from OPERA-01, OPERA-02, and OP-3136 rather than recurring revenue. 2Q26 operating expenses rose to $67.2M and EPS was ($0.61), while cash and equivalents of $461.1M may fund operations into 2028 but likely support continued losses as development costs increase through the remainder of 2026. The delay in topline OPERA-01 data pushes palazestrant commercialization to 2028, increases execution risk around ESR1wt benefit and safety in palazestrant + ribociclib, and leaves only modest modeled 2028 revenues of $66M.

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