Olema Pharmaceuticals (NASDAQ:OLMA) Trading Down 4.4% – Here’s Why

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) was down 4.4% during trading on Friday . The company traded as low as $10.24 and last traded at $10.22. Approximately 189,997 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 1,366,982 shares. The stock had previously closed at $10.69.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on OLMA. JPMorgan Chase & Co. decreased their target price on Olema Pharmaceuticals from $52.00 to $46.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. Wall Street Zen cut shares of Olema Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, July 25th. Citigroup lowered their target price on shares of Olema Pharmaceuticals to $59.00 and set a “buy” rating for the company in a research note on Tuesday, August 11th. Weiss Ratings lowered shares of Olema Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, August 31st. Finally, HC Wainwright reduced their price target 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, August 11th. Eleven equities research 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. According to data from MarketBeat, Olema Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $42.40.

Olema Pharmaceuticals Stock Performance

The company has a market cap of $894.25 million, a price-to-earnings ratio of -4.82 and a beta of 1.98. 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 stock has a 50-day moving average price of $11.24 and a 200 day moving average price of $13.48.

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). As a group, analysts anticipate that Olema Pharmaceuticals, Inc. will post -2.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other Olema Pharmaceuticals news, Director Cyrus Harmon sold 12,500 shares of Olema Pharmaceuticals 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 transaction, the director owned 715,270 shares of the company’s stock, valued at approximately $8,282,826.60. The trade was a 1.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 12.56% of the company’s stock.

Institutional Investors Weigh In On Olema Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in OLMA. Siren L.L.C. boosted its position in shares of Olema Pharmaceuticals by 44.1% during the first quarter. Siren L.L.C. now owns 4,756,949 shares of the company’s stock worth $70,926,000 after buying an additional 1,456,249 shares during the period. Readystate Asset Management LP acquired a new stake in Olema Pharmaceuticals in the 2nd quarter valued at approximately $7,429,000. Jennison Associates LLC lifted its stake in Olema Pharmaceuticals by 89.0% in the 1st quarter. Jennison Associates LLC now owns 1,822,123 shares of the company’s stock valued at $27,168,000 after acquiring an additional 858,126 shares in the last quarter. Defilade Capital Management L.P. lifted its stake in Olema Pharmaceuticals by 21.9% in the 1st quarter. Defilade Capital Management L.P. now owns 1,504,536 shares of the company’s stock valued at $22,433,000 after acquiring an additional 269,902 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Olema Pharmaceuticals by 12.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,082,434 shares of the company’s stock worth $16,134,000 after acquiring an additional 123,790 shares during 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.