Olema Pharmaceuticals (NASDAQ:OLMA) Stock Price Down 8.6% – Here’s What Happened

Shares of Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) were down 8.6% on Thursday . The stock traded as low as $24.76 and last traded at $24.74. Approximately 824,714 shares changed hands during trading, a decline of 32% from the average daily volume of 1,217,119 shares. The stock had previously closed at $27.07.

Analyst Ratings Changes

A number of analysts recently issued reports on OLMA shares. Piper Sandler began coverage on Olema Pharmaceuticals in a research note on Wednesday. They set an “overweight” rating and a $40.00 price objective on the stock. Oppenheimer upped their price target on Olema Pharmaceuticals from $45.00 to $48.00 and gave the company an “outperform” rating in a research report on Thursday, December 11th. Guggenheim assumed coverage on shares of Olema Pharmaceuticals in a report on Wednesday, October 8th. They issued a “buy” rating and a $20.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Olema Pharmaceuticals in a research report on Wednesday, October 8th. Finally, Citigroup increased their target price on shares of Olema Pharmaceuticals from $21.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Olema Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Olema Pharmaceuticals Trading Down 8.0%

The stock’s 50 day simple moving average is $22.35 and its 200 day simple moving average is $12.19. The firm has a market cap of $1.71 billion, a PE ratio of -13.35 and a beta of 1.92. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.03 and a current ratio of 8.03.

Olema Pharmaceuticals (NASDAQ:OLMA) last posted its quarterly earnings data on Monday, November 10th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.05). On average, sell-side analysts forecast that Olema Pharmaceuticals, Inc. will post -2.33 earnings per share for the current fiscal year.

Insider Transactions at Olema Pharmaceuticals

In related news, Director Ian T. Clark sold 264,800 shares of the company’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $29.73, for a total transaction of $7,872,504.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider David C. Myles sold 51,000 shares of the stock in a transaction on Friday, December 19th. The shares were sold at an average price of $30.46, for a total transaction of $1,553,460.00. Following the sale, the insider directly owned 551,881 shares of the company’s stock, valued at $16,810,295.26. The trade was a 8.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 588,190 shares of company stock worth $17,038,578. 16.36% of the stock is owned by corporate insiders.

Institutional Trading of Olema Pharmaceuticals

Several large investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. increased its holdings in Olema Pharmaceuticals by 55.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,080 shares of the company’s stock valued at $26,000 after purchasing an additional 2,168 shares during the period. Farther Finance Advisors LLC lifted its stake in Olema Pharmaceuticals by 602.9% in the second quarter. Farther Finance Advisors LLC now owns 6,839 shares of the company’s stock worth $29,000 after acquiring an additional 5,866 shares during the period. FNY Investment Advisers LLC lifted its stake in Olema Pharmaceuticals by 100.0% in the second quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company’s stock worth $42,000 after acquiring an additional 5,000 shares during the period. Russell Investments Group Ltd. bought a new stake in Olema Pharmaceuticals in the third quarter valued at $53,000. Finally, American Century Companies Inc. bought a new position in Olema Pharmaceuticals in the 2nd quarter worth $54,000. 91.78% of the stock is owned by institutional investors.

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.