Olema Pharmaceuticals (NASDAQ:OLMA) Stock Price Down 4%

Shares of Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) traded down 4% during trading on Thursday . The company traded as low as $11.74 and last traded at $11.90. 216,517 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 836,139 shares. The stock had previously closed at $12.40.

Analysts Set New Price Targets

A number of analysts have commented on the company. HC Wainwright reiterated a “buy” rating and issued a $30.00 price objective on shares of Olema Pharmaceuticals in a research report on Wednesday, August 7th. JPMorgan Chase & Co. reduced 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, August 8th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $30.00 price objective on shares of Olema Pharmaceuticals in a research report on Wednesday, August 7th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $27.00.

Olema Pharmaceuticals Trading Down 6.5 %

The stock has a fifty day moving average price of $12.81 and a 200-day moving average price of $12.16. The firm has a market capitalization of $664.33 million, a price-to-earnings ratio of -5.80 and a beta of 2.06.

Olema Pharmaceuticals (NASDAQ:OLMA) last issued its earnings results on Tuesday, August 6th. The company reported ($0.54) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.54). On average, equities analysts expect that Olema Pharmaceuticals, Inc. will post -1.51 EPS for the current year.

Insider Activity at Olema Pharmaceuticals

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. lifted its holdings in Olema Pharmaceuticals by 66.6% during the first quarter. China Universal Asset Management Co. Ltd. now owns 10,562 shares of the company’s stock worth $120,000 after acquiring an additional 4,221 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Olema Pharmaceuticals during the fourth quarter worth about $130,000. Cubist Systematic Strategies LLC bought a new position in Olema Pharmaceuticals during the second quarter worth about $145,000. Entropy Technologies LP bought a new position in Olema Pharmaceuticals during the first quarter worth about $161,000. Finally, Ensign Peak Advisors Inc lifted its holdings in Olema Pharmaceuticals by 6.1% during the second quarter. Ensign Peak Advisors Inc now owns 14,849 shares of the company’s stock worth $161,000 after acquiring an additional 850 shares in the last quarter. 91.78% of the stock is currently 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.