Citigroup Lowers Olema Pharmaceuticals (NASDAQ:OLMA) Price Target to $59.00

Olema Pharmaceuticals (NASDAQ:OLMA) had its price objective lowered by Citigroup to $59.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 470.60% from the company’s previous close.

A number of other research firms have also weighed in on OLMA. HC Wainwright lowered their price objective on shares of Olema Pharmaceuticals from $38.00 to $36.00 and set a “buy” rating on the stock in a research report on Tuesday. Weiss Ratings lowered Olema Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, August 3rd. Guggenheim lowered their price target on shares of Olema Pharmaceuticals from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday, May 13th. Finally, Wall Street Zen lowered Olema Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 25th. Eleven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.60.

Olema Pharmaceuticals Stock Down 13.4%

Shares of NASDAQ OLMA traded down $1.60 during mid-day trading on Tuesday, reaching $10.34. The company had a trading volume of 2,040,986 shares, compared to its average volume of 1,435,614. Olema Pharmaceuticals has a 52-week low of $4.91 and a 52-week high of $36.26. The stock has a market cap of $903.20 million, a P/E ratio of -5.07 and a beta of 2.03. The company has a current ratio of 10.88, a quick ratio of 10.88 and a debt-to-equity ratio of 0.01. The firm has a 50 day simple moving average of $11.25 and a two-hundred day simple moving average of $15.77.

Olema Pharmaceuticals (NASDAQ:OLMA) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.06). Sell-side analysts predict that Olema Pharmaceuticals will post -2.22 earnings per share for the current year.

Insider Buying and Selling at Olema Pharmaceuticals

In related news, Director Cyrus Harmon sold 12,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $11.58, for a total value of $144,750.00. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 12.56% of the stock is currently owned by insiders.

Institutional Trading of Olema Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. Siren L.L.C. grew its position in Olema Pharmaceuticals by 44.1% during 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. Jennison Associates LLC acquired a new stake in Olema Pharmaceuticals during the 4th quarter worth approximately $24,100,000. SEB Asset Management AB acquired a new stake in Olema Pharmaceuticals during the 1st quarter worth approximately $5,061,000. Dimensional Fund Advisors LP raised its holdings in Olema Pharmaceuticals by 12.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,082,434 shares of the company’s stock valued at $16,134,000 after buying an additional 123,790 shares during the period. Finally, Defilade Capital Management L.P. lifted its position in Olema Pharmaceuticals by 21.9% during the first quarter. Defilade Capital Management L.P. now owns 1,504,536 shares of the company’s stock valued at $22,433,000 after buying an additional 269,902 shares in the last quarter. 91.78% of the stock is currently owned by institutional investors and hedge funds.

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.