Olema Pharmaceuticals (NASDAQ:OLMA) Shares Down 7.1% – Time to Sell?

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) shares fell 7.1% on Wednesday. The company traded as low as $8.93 and last traded at $8.9540. Approximately 249,784 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 1,375,705 shares. The stock had previously closed at $9.64.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on OLMA shares. Stifel Nicolaus lowered their target price on shares of Olema Pharmaceuticals from $48.00 to $30.00 and set a “buy” rating for the company in a report on Monday, September 14th. Wall Street Zen lowered Olema Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 25th. Weiss Ratings raised Olema Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday. JPMorgan Chase & Co. lowered their price target 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. Finally, Citigroup cut their price objective on shares of Olema Pharmaceuticals to $59.00 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 issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Olema Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $40.60.

Olema Pharmaceuticals Price Performance

The firm has a fifty day moving average of $10.81 and a 200 day moving average of $12.51. The company has a current ratio of 8.86, a quick ratio of 8.86 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $791.00 million, a P/E ratio of -4.26 and a beta of 1.98.

Olema Pharmaceuticals (NASDAQ:OLMA) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.06). On average, equities research analysts anticipate that Olema Pharmaceuticals, Inc. will post -2.43 EPS for the current year.

Insiders Place Their Bets

In other news, Director Cyrus Harmon sold 12,500 shares of the stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $11.58, for a total transaction of $144,750.00. Following the transaction, the director directly owned 715,270 shares of the company’s stock, valued at $8,282,826.60. This represents a 1.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 12.56% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Arizona State Retirement System increased its holdings in Olema Pharmaceuticals by 39.2% during the second quarter. Arizona State Retirement System now owns 14,430 shares of the company’s stock valued at $181,000 after buying an additional 4,062 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Olema Pharmaceuticals during the 2nd quarter worth $220,000. Readystate Asset Management LP bought a new stake in shares of Olema Pharmaceuticals during the 2nd quarter valued at $7,429,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Olema Pharmaceuticals during the 2nd quarter valued at $690,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Olema Pharmaceuticals by 96.3% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 49,136 shares of the company’s stock worth $615,000 after purchasing an additional 24,111 shares in the last quarter. Institutional investors own 91.78% of the company’s stock.

About Olema Pharmaceuticals

Olema Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for women with cancer, particularly hormone receptor-positive breast cancer. The company’s research is centered on treatments designed to address the biological drivers of tumor growth and provide new options for patients with advanced or metastatic disease.

Olema’s lead investigational product is palazestrant, an oral selective estrogen receptor degrader (SERD) being evaluated for the treatment of estrogen receptor-positive, HER2-negative advanced or metastatic breast cancer.