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

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

Wall Street Analysts Forecast Growth

A number of analysts recently commented on OLMA shares. Wall Street Zen lowered Olema Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 25th. Stifel Nicolaus lowered their price target on shares of Olema Pharmaceuticals from $48.00 to $30.00 and set a “buy” rating for the company in a research report on Monday, September 14th. Citigroup dropped their price objective on Olema Pharmaceuticals to $59.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. Weiss Ratings raised shares of Olema Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Finally, HC Wainwright cut 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 equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $40.60.

Olema Pharmaceuticals Price Performance

The stock has a market cap of $764.75 million, a price-to-earnings ratio of -4.12 and a beta of 1.98. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.86 and a current ratio of 8.86. The company has a 50-day simple moving average of $10.91 and a two-hundred day simple moving average of $12.70.

Olema Pharmaceuticals (NASDAQ:OLMA) last released its earnings results on Monday, August 10th. The company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.06). As a group, equities research analysts forecast that Olema Pharmaceuticals, Inc. will post -2.43 EPS for the current year.

Insider Activity

In related news, Director Cyrus Harmon sold 12,500 shares of the firm’s stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $11.58, for a total value of $144,750.00. Following the completion of the sale, the director directly owned 715,270 shares in the company, valued at approximately $8,282,826.60. This trade represents a 1.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 12.56% of the company’s stock.

Institutional Trading of Olema Pharmaceuticals

A number of hedge funds have recently made changes to their positions in OLMA. Jupiter Topco LLC acquired a new position in Olema Pharmaceuticals in the 2nd quarter valued at about $88,803,000. BlackRock Inc. bought a new stake in shares of Olema Pharmaceuticals during the second quarter worth approximately $84,001,000. Cormorant Asset Management LP bought a new stake in shares of Olema Pharmaceuticals during the fourth quarter worth approximately $68,750,000. Siren L.L.C. grew its position in shares of Olema Pharmaceuticals by 44.1% in the first quarter. Siren L.L.C. now owns 4,756,949 shares of the company’s stock valued at $70,926,000 after purchasing an additional 1,456,249 shares during the last quarter. Finally, Jennison Associates LLC increased its stake in shares of Olema Pharmaceuticals by 89.0% during the first quarter. Jennison Associates LLC now owns 1,822,123 shares of the company’s stock worth $27,168,000 after purchasing an additional 858,126 shares during the period. 91.78% of the stock is owned by institutional investors and hedge funds.

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.