Olema Pharmaceuticals (NASDAQ:OLMA) Hits New 52-Week Low – Should You Sell?

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) reached a new 52-week low during mid-day trading on Wednesday. The stock traded as low as $6.63 and last traded at $6.6950, with a volume of 632,943 shares. The stock had previously closed at $7.02.

Wall Street Analyst Weigh In

Several research firms have commented on OLMA. Citigroup dropped their target price on shares of Olema Pharmaceuticals to $59.00 and set a “buy” rating on the stock in a research report on Tuesday, August 11th. JPMorgan Chase & Co. dropped their price objective on shares of Olema Pharmaceuticals from $52.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. Wall Street Zen lowered Olema Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, July 25th. Stifel Nicolaus lowered their target price on shares of Olema Pharmaceuticals from $48.00 to $30.00 and set a “buy” rating on the stock in a research note on Monday, September 14th. Finally, HC Wainwright dropped their price target on Olema Pharmaceuticals from $38.00 to $36.00 and set a “buy” rating for the company in a research report on Tuesday, August 11th. Eleven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Olema Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $40.60.

Olema Pharmaceuticals Stock Performance

The stock has a market cap of $601.12 million, a PE ratio of -3.24 and a beta of 2.00. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.86 and a quick ratio of 8.86. The business has a 50 day moving average price of $9.71 and a two-hundred day moving average price of $11.78.

Olema Pharmaceuticals (NASDAQ:OLMA) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.06). As a group, equities research analysts forecast that Olema Pharmaceuticals, Inc. will post -2.43 EPS for the current fiscal year.

Insider Activity at Olema Pharmaceuticals

In other news, Director Cyrus Harmon sold 12,500 shares of the firm’s stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $11.58, for a total value of $144,750.00. Following the completion of the sale, the director directly owned 715,270 shares of the company’s stock, valued at approximately $8,282,826.60. This trade represents a 1.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 12.56% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC grew its position in shares of Olema Pharmaceuticals by 5.9% in the 1st quarter. Janus Henderson Group PLC now owns 7,108,488 shares of the company’s stock worth $106,013,000 after buying an additional 398,294 shares during the period. Jupiter Topco LLC purchased a new position in shares of Olema Pharmaceuticals during the second quarter valued at approximately $88,803,000. BlackRock Inc. bought a new position in shares of Olema Pharmaceuticals during the 2nd quarter valued at $84,001,000. Siren L.L.C. lifted its holdings in Olema Pharmaceuticals by 44.1% in the first quarter. Siren L.L.C. now owns 4,756,949 shares of the company’s stock valued at $70,926,000 after acquiring an additional 1,456,249 shares during the period. Finally, Cormorant Asset Management LP bought a new position in shares of Olema Pharmaceuticals in the 4th quarter worth approximately $68,750,000. Hedge funds and other institutional investors own 91.78% of the company’s stock.

About Olema Pharmaceuticals

Olema Pharmaceuticals, Inc (NASDAQ: OLMA) is a clinical-stage biopharmaceutical company focused on developing therapies for women’s cancers, with an emphasis on hormone receptor-positive breast cancer. The company’s research is centered on oral endocrine medicines designed to target estrogen receptor signaling, an important driver of many breast tumors.

Olema’s lead product candidate is palazestrant, an investigational oral selective estrogen receptor degrader (SERD) being evaluated for the treatment of estrogen receptor-positive, HER2-negative advanced or metastatic breast cancer.