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

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

Analyst Ratings Changes

OLMA has been the subject of a number of research reports. Oppenheimer reiterated an “outperform” rating and issued a $30.00 price objective on shares of Olema Pharmaceuticals in a research note 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 note on Thursday, August 8th. Finally, HC Wainwright reiterated a “buy” rating and issued a $30.00 price objective on shares of Olema Pharmaceuticals in a research note on Wednesday, August 7th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $27.00.

Olema Pharmaceuticals Stock Down 6.5 %

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

Olema Pharmaceuticals (NASDAQ:OLMA) last released its 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, research analysts expect that Olema Pharmaceuticals, Inc. will post -1.51 earnings per share for the current year.

Insider Activity

In related news, Director Cyrus Harmon sold 4,066 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $15.58, for a total transaction of $63,348.28. Following the transaction, the director now owns 752,217 shares of the company’s stock, valued at $11,719,540.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of the company’s stock in a transaction on 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 transaction, the insider now owns 783,118 shares of the company’s stock, valued at $11,676,289.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Cyrus Harmon sold 4,066 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $15.58, for a total value of $63,348.28. Following the transaction, the director now directly owns 752,217 shares in the company, valued at approximately $11,719,540.86. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,449,066 shares of company stock valued at $36,319,848. Company insiders own 19.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. grew its holdings in 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 valued at $120,000 after purchasing an additional 4,221 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Olema Pharmaceuticals in the fourth quarter valued at $130,000. Cubist Systematic Strategies LLC acquired a new stake in Olema Pharmaceuticals in the second quarter valued at $145,000. Entropy Technologies LP acquired a new stake in Olema Pharmaceuticals in the first quarter valued at $161,000. Finally, Ensign Peak Advisors Inc grew its holdings in Olema Pharmaceuticals by 6.1% in the second quarter. Ensign Peak Advisors Inc now owns 14,849 shares of the company’s stock valued at $161,000 after purchasing an additional 850 shares during the last quarter. Institutional investors and hedge funds own 91.78% of the company’s stock.

Olema Pharmaceuticals Company Profile

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.