Olema Pharmaceuticals (NASDAQ:OLMA) Shares Down 3.6%

Shares of Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) fell 3.6% during mid-day trading on Monday . The company traded as low as $9.36 and last traded at $9.49. 36,292 shares traded hands during trading, a decline of 95% from the average session volume of 777,506 shares. The stock had previously closed at $9.84.

Wall Street Analyst Weigh In

A number of analysts recently commented on OLMA shares. The Goldman Sachs Group started coverage on Olema Pharmaceuticals in a research report on Tuesday, April 2nd. They issued a “buy” rating and a $24.00 target price for the company. Capital One Financial restated an “overweight” rating on shares of Olema Pharmaceuticals in a report on Thursday, February 22nd. Citigroup initiated coverage on Olema Pharmaceuticals in a report on Tuesday, January 30th. They issued a “buy” rating and a $20.00 target price on the stock. Finally, HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Olema Pharmaceuticals in a research note on Wednesday, May 15th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $22.00.

Olema Pharmaceuticals Stock Performance

The firm has a 50 day simple moving average of $10.64 and a two-hundred day simple moving average of $12.58.

Olema Pharmaceuticals (NASDAQ:OLMA) last announced its earnings results on Wednesday, May 8th. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.03). On average, equities research analysts anticipate that Olema Pharmaceuticals, Inc. will post -2.4 earnings per share for the current year.

Insider Transactions at Olema Pharmaceuticals

In other news, Director Cyrus Harmon sold 15,000 shares of the firm’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $9.51, for a total transaction of $142,650.00. Following the completion of the sale, the director now directly owns 811,283 shares of the company’s stock, valued at approximately $7,715,301.33. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold 65,000 shares of company stock worth $726,900 in the last 90 days. Insiders own 19.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of OLMA. MPM Bioimpact LLC increased its stake in shares of Olema Pharmaceuticals by 301.7% in the third quarter. MPM Bioimpact LLC now owns 1,857,681 shares of the company’s stock worth $22,942,000 after purchasing an additional 1,395,181 shares in the last quarter. Polar Capital Holdings Plc bought a new stake in Olema Pharmaceuticals during the 3rd quarter valued at $9,262,000. First Light Asset Management LLC purchased a new stake in shares of Olema Pharmaceuticals during the fourth quarter worth $8,854,000. Victory Capital Management Inc. boosted its holdings in shares of Olema Pharmaceuticals by 879.6% in the fourth quarter. Victory Capital Management Inc. now owns 621,527 shares of the company’s stock worth $8,720,000 after acquiring an additional 558,077 shares during the period. Finally, Perceptive Advisors LLC purchased a new position in shares of Olema Pharmaceuticals in the fourth quarter valued at $7,574,000. 91.78% of the stock is owned by institutional investors.

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.