Olema Pharmaceuticals (NASDAQ:OLMA) Shares Down 7.7% – Here’s What Happened

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) shares traded down 7.7% during mid-day trading on Tuesday . The company traded as low as $25.99 and last traded at $25.8390. 647,980 shares traded hands during trading, a decline of 59% from the average session volume of 1,565,016 shares. The stock had previously closed at $27.98.

Analyst Ratings Changes

A number of research analysts have recently commented on OLMA shares. HC Wainwright upped their price target on shares of Olema Pharmaceuticals from $36.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday. Oppenheimer boosted their price objective on shares of Olema Pharmaceuticals from $45.00 to $48.00 and gave the company an “outperform” rating in a research report on Thursday. The Goldman Sachs Group raised their target price on shares of Olema Pharmaceuticals from $26.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Olema Pharmaceuticals in a research note on Wednesday, October 8th. Finally, UBS Group reiterated a “buy” rating on shares of Olema Pharmaceuticals in a report on Monday, October 20th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Olema Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Olema Pharmaceuticals Stock Performance

The company has a current ratio of 8.03, a quick ratio of 8.03 and a debt-to-equity ratio of 0.01. The stock has a market cap of $2.17 billion, a PE ratio of -16.89 and a beta of 1.87. The business’s 50-day moving average price is $15.30 and its 200-day moving average price is $9.00.

Olema Pharmaceuticals (NASDAQ:OLMA) last announced its earnings results on Monday, November 10th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.05). As a group, equities research analysts expect that Olema Pharmaceuticals, Inc. will post -2.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Olema Pharmaceuticals

In related news, Director Cyrus Harmon sold 3,086 shares of the business’s stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $8.32, for a total transaction of $25,675.52. Following the transaction, the director directly owned 117,028 shares in the company, valued at $973,672.96. The trade was a 2.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 25,000 shares of company stock valued at $204,841. 16.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On Olema Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the business. Persistent Asset Partners Ltd increased its position in shares of Olema Pharmaceuticals by 153.8% in the 2nd quarter. Persistent Asset Partners Ltd now owns 58,333 shares of the company’s stock valued at $248,000 after acquiring an additional 35,345 shares during the period. Titleist Asset Management LLC purchased a new stake in Olema Pharmaceuticals during the 2nd quarter valued at about $64,000. Diadema Partners LP grew its stake in Olema Pharmaceuticals by 153.7% during the 2nd quarter. Diadema Partners LP now owns 253,657 shares of the company’s stock valued at $1,081,000 after purchasing an additional 153,657 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Olema Pharmaceuticals by 93.6% in the first quarter. Goldman Sachs Group Inc. now owns 741,329 shares of the company’s stock valued at $2,787,000 after purchasing an additional 358,412 shares during the period. Finally, Affinity Asset Advisors LLC acquired a new position in shares of Olema Pharmaceuticals in the first quarter valued at about $1,222,000. Institutional investors and hedge funds own 91.78% 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.