Olema Pharmaceuticals (NASDAQ:OLMA) Stock Falls 6.6% – Here’s What Happened

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) traded down 6.6% during mid-day trading on Friday. The stock traded as low as $6.55 and last traded at $6.56. 130,638 shares were traded during trading, a decline of 90% from the average session volume of 1,362,672 shares. The stock had previously closed at $7.02.

Wall Street Analysts Forecast Growth

A number of analysts have commented on OLMA shares. Citigroup reduced their price target on Olema Pharmaceuticals to $59.00 and set a “buy” rating for the company in a research report on Tuesday, August 11th. Wall Street Zen lowered Olema Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, July 25th. Weiss Ratings raised Olema Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, September 21st. Stifel Nicolaus cut 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. Finally, HC Wainwright lowered their price objective on Olema Pharmaceuticals from $38.00 to $36.00 and set a “buy” rating on the stock in a report on Tuesday, August 11th. Eleven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $40.60.

Olema Pharmaceuticals Stock Down 8.6%

The company has a market capitalization of $561.31 million, a price-to-earnings ratio of -3.01 and a beta of 2.00. 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’s fifty day simple moving average is $9.30 and its two-hundred day simple moving average is $11.51.

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

Hedge Funds Weigh In On Olema Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in OLMA. Quantbot Technologies LP bought a new position in Olema Pharmaceuticals in the 2nd quarter valued at approximately $77,000. E Fund Management Co. Ltd. bought a new stake in shares of Olema Pharmaceuticals during the second quarter valued at about $133,000. Canada Pension Plan Investment Board purchased a new position in shares of Olema Pharmaceuticals during the second quarter worth approximately $144,000. Arizona State Retirement System raised its holdings in Olema Pharmaceuticals by 39.2% in the 2nd quarter. Arizona State Retirement System now owns 14,430 shares of the company’s stock worth $181,000 after purchasing an additional 4,062 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Olema Pharmaceuticals in the second quarter worth $220,000. 91.78% of the stock is currently owned by institutional investors and hedge funds.

Olema Pharmaceuticals Company Profile

Olema Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for women’s cancers, with an emphasis on hormone receptor-positive breast cancer. The company’s research is centered on treatments designed to address cancer biology and resistance mechanisms that can limit the effectiveness of existing endocrine therapies.

Olema’s lead product candidate is palazestrant, an oral selective estrogen receptor degrader (SERD) being developed for patients with estrogen receptor-positive, human epidermal growth factor receptor 2-negative advanced or metastatic breast cancer.