Olema Pharmaceuticals (NASDAQ:OLMA) Posts Quarterly Earnings Results, Meets Estimates

Olema Pharmaceuticals (NASDAQ:OLMA) issued its earnings results on Tuesday. The company reported ($0.54) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.54), Zacks reports.

Olema Pharmaceuticals Stock Down 9.9 %

Shares of OLMA stock traded down $1.38 during mid-day trading on Wednesday, reaching $12.56. 790,981 shares of the company’s stock traded hands, compared to its average volume of 855,809. Olema Pharmaceuticals has a 12 month low of $8.50 and a 12 month high of $17.79. The company has a market cap of $702.53 million, a P/E ratio of -6.22 and a beta of 2.06. The company’s 50-day moving average price is $12.79 and its 200-day moving average price is $12.16.

Analyst Ratings Changes

Several analysts recently weighed in on OLMA shares. Oppenheimer reiterated an “outperform” rating and issued a $30.00 price target on shares of Olema Pharmaceuticals in a report on Wednesday. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Olema Pharmaceuticals in a report on Wednesday. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Olema Pharmaceuticals currently has an average rating of “Buy” and a consensus price target of $23.50.

Insider Activity

In other news, Director Cyrus Harmon sold 15,000 shares of the business’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $9.41, for a total transaction of $141,150.00. Following the sale, the director now owns 791,283 shares in the company, valued at approximately $7,445,973.03. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $14.91, for a total value of $35,784,000.00. Following the transaction, the insider now owns 783,118 shares in the company, valued at approximately $11,676,289.38. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Cyrus Harmon sold 15,000 shares of the company’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $9.41, for a total transaction of $141,150.00. Following the completion of the transaction, the director now owns 791,283 shares in the company, valued at approximately $7,445,973.03. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,449,066 shares of company stock worth $36,319,848. Corporate insiders own 19.40% of the company’s stock.

Olema Pharmaceuticals Company Profile

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.