Olema Pharmaceuticals (NASDAQ:OLMA) Shares Down 5% After Insider Selling

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA)’s share price fell 5% on Tuesday after an insider sold shares in the company. The stock traded as low as $10.56 and last traded at $10.58. 109,169 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 886,137 shares. The stock had previously closed at $11.14.

Specifically, Director Cyrus Harmon sold 5,000 shares of Olema Pharmaceuticals stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $10.92, for a total transaction of $54,600.00. Following the transaction, the director now directly owns 806,283 shares of the company’s stock, valued at $8,804,610.36. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 60,000 shares of company stock worth $608,450 over the last 90 days. 19.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on OLMA. The Goldman Sachs Group began coverage on shares of Olema Pharmaceuticals in a research note on Tuesday, April 2nd. They set a “buy” rating and a $24.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $30.00 target price on shares of Olema Pharmaceuticals in a report on Tuesday, June 4th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Olema Pharmaceuticals has a consensus rating of “Buy” and a consensus price target of $22.00.

Olema Pharmaceuticals Stock Performance

The firm’s 50 day simple moving average is $10.88 and its 200-day simple moving average is $11.99.

Olema Pharmaceuticals (NASDAQ:OLMA) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.03). Equities research analysts anticipate that Olema Pharmaceuticals, Inc. will post -2.3 earnings per share for the current year.

Institutional Trading of Olema Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the stock. First Light Asset Management LLC purchased a new stake in Olema Pharmaceuticals in the 4th quarter worth approximately $8,854,000. Swiss National Bank purchased a new position in Olema Pharmaceuticals in the fourth quarter valued at about $906,000. Perceptive Advisors LLC purchased a new stake in shares of Olema Pharmaceuticals during the 4th quarter worth about $7,574,000. Victory Capital Management Inc. lifted its holdings in shares of Olema Pharmaceuticals by 879.6% during the 4th quarter. Victory Capital Management Inc. now owns 621,527 shares of the company’s stock valued at $8,720,000 after buying an additional 558,077 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Olema Pharmaceuticals by 1.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,715,420 shares of the company’s stock valued at $24,069,000 after buying an additional 21,420 shares in the last quarter. 91.78% of the stock is owned by hedge funds and other 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.