Olema Pharmaceuticals (NASDAQ:OLMA) Stock Price Down 7.5%

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) traded down 7.5% on Wednesday . The company traded as low as $12.61 and last traded at $12.90. 329,151 shares were traded during mid-day trading, a decline of 61% from the average session volume of 852,749 shares. The stock had previously closed at $13.94.

Wall Street Analyst Weigh In

Several brokerages have weighed in on OLMA. JPMorgan Chase & Co. lowered their price objective on Olema Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating for the company in a research report on Thursday. HC Wainwright reissued a “buy” rating and set a $30.00 price target on shares of Olema Pharmaceuticals in a research report on Wednesday. Finally, Oppenheimer reissued an “outperform” rating and issued a $30.00 price target on shares of Olema Pharmaceuticals in a research note on Wednesday. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $25.50.

Olema Pharmaceuticals Price Performance

The firm’s 50 day moving average is $12.91 and its 200 day moving average is $12.17. The firm has a market cap of $662.82 million, a P/E ratio of -5.96 and a beta of 2.06.

Olema Pharmaceuticals (NASDAQ:OLMA) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.54) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.54). As a group, analysts expect that Olema Pharmaceuticals, Inc. will post -2.3 EPS for the current year.

Insider Transactions at Olema Pharmaceuticals

In other Olema Pharmaceuticals news, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $14.91, for a total value of $35,784,000.00. Following the transaction, the insider now directly owns 783,118 shares of the company’s stock, valued at $11,676,289.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Olema Pharmaceuticals news, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $14.91, for a total transaction of $35,784,000.00. Following the completion of the sale, the insider now owns 783,118 shares of the company’s stock, valued at $11,676,289.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Cyrus Harmon sold 5,000 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $10.93, for a total value of $54,650.00. Following the completion of the transaction, the director now directly owns 786,283 shares in the company, valued at approximately $8,594,073.19. The disclosure for this sale can be found here. Insiders have sold a total of 2,449,066 shares of company stock worth $36,319,848 in the last ninety days. Insiders own 19.40% of the company’s stock.

Institutional Trading of Olema Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System increased its holdings in Olema Pharmaceuticals by 3.4% in the 1st quarter. California State Teachers Retirement System now owns 34,695 shares of the company’s stock valued at $393,000 after acquiring an additional 1,132 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Olema Pharmaceuticals by 9.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,951 shares of the company’s stock valued at $224,000 after purchasing an additional 1,367 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Olema Pharmaceuticals by 6.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 26,251 shares of the company’s stock worth $298,000 after purchasing an additional 1,486 shares during the last quarter. ClariVest Asset Management LLC lifted its position in shares of Olema Pharmaceuticals by 3.1% in the second quarter. ClariVest Asset Management LLC now owns 63,149 shares of the company’s stock worth $683,000 after buying an additional 1,881 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its position in shares of Olema Pharmaceuticals by 66.6% in the first quarter. China Universal Asset Management Co. Ltd. now owns 10,562 shares of the company’s stock worth $120,000 after buying an additional 4,221 shares in the last quarter. 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.