Olema Pharmaceuticals (NASDAQ:OLMA) Shares Down 8.6% – Here’s Why

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) shares dropped 8.6% during mid-day trading on Thursday . The stock traded as low as $24.76 and last traded at $24.74. Approximately 824,714 shares were traded 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 Upgrades and Downgrades

OLMA has been the subject of a number of analyst reports. Oppenheimer increased their price objective on Olema Pharmaceuticals from $45.00 to $48.00 and gave the company an “outperform” rating in a research note on Thursday, December 11th. JPMorgan Chase & Co. raised their price target on shares of Olema Pharmaceuticals from $29.00 to $32.00 and gave the stock an “overweight” rating in a report on Tuesday, November 18th. Piper Sandler began coverage on shares of Olema Pharmaceuticals in a research note on Wednesday. They set an “overweight” rating and a $40.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Olema Pharmaceuticals in a report on Wednesday, October 8th. Finally, The Goldman Sachs Group raised their target price on Olema Pharmaceuticals from $26.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Olema Pharmaceuticals Stock Performance

The company has a 50-day simple moving average of $23.06 and a two-hundred day simple moving average of $12.44. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.03 and a current ratio of 8.03. The firm has a market capitalization of $1.93 billion, a P/E ratio of -15.02 and a beta of 1.92.

Olema Pharmaceuticals (NASDAQ:OLMA) last announced its earnings results on Monday, November 10th. The company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.05). As a group, equities analysts forecast that Olema Pharmaceuticals, Inc. will post -2.33 EPS for the current year.

Insider Buying and Selling at Olema Pharmaceuticals

In other news, Director Ian T. Clark sold 264,800 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $29.73, for a total value of $7,872,504.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Cyrus Harmon sold 2,881 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $28.53, for a total value of $82,194.93. Following the transaction, the director directly owned 741,259 shares of the company’s stock, valued at approximately $21,148,119.27. This trade represents a 0.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 588,190 shares of company stock worth $17,038,578 in the last ninety days. 16.36% of the stock is owned by company insiders.

Institutional Trading of Olema Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the business. Ameritas Investment Partners Inc. lifted its holdings in shares of Olema Pharmaceuticals by 55.4% during the second 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 in the last quarter. Farther Finance Advisors LLC lifted its stake in Olema Pharmaceuticals by 602.9% during the 2nd quarter. Farther Finance Advisors LLC now owns 6,839 shares of the company’s stock valued at $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% during the 2nd quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company’s stock valued at $42,000 after acquiring an additional 5,000 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of Olema Pharmaceuticals during the 3rd quarter valued at about $53,000. Finally, American Century Companies Inc. bought a new stake in shares of Olema Pharmaceuticals in the second quarter worth approximately $54,000. Institutional investors own 91.78% of the company’s stock.

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.