Olema Pharmaceuticals (NASDAQ:OLMA) Trading Down 3.8%

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA)’s share price was down 3.8% during trading on Wednesday . The stock traded as low as $11.81 and last traded at $11.83. Approximately 29,088 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 793,763 shares. The stock had previously closed at $12.30.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and set a $30.00 target price on shares of Olema Pharmaceuticals in a report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price objective on shares of 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 reissued an “outperform” rating and set a $30.00 target price on shares of Olema Pharmaceuticals in a research note on Wednesday, August 7th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $27.00.

Olema Pharmaceuticals Stock Performance

The firm has a market cap of $672.89 million, a PE ratio of -6.03 and a beta of 2.03. The firm’s 50 day moving average price is $12.78 and its two-hundred day moving average price is $11.76.

Olema Pharmaceuticals (NASDAQ:OLMA) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.54) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.54). On average, analysts forecast that Olema Pharmaceuticals, Inc. will post -1.51 earnings per share for the current year.

Insider Buying and Selling

In related 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 transaction of $35,784,000.00. Following the completion of the transaction, the insider now directly owns 783,118 shares in the company, valued at approximately $11,676,289.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Cyrus Harmon sold 5,000 shares of the business’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $12.26, for a total value of $61,300.00. Following the completion of the sale, the director now directly owns 756,283 shares of the company’s stock, valued at approximately $9,272,029.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of Olema Pharmaceuticals stock in a transaction that occurred 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 transaction, the insider now directly owns 783,118 shares in the company, valued at approximately $11,676,289.38. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,409,066 shares of company stock valued at $35,908,648. Company insiders own 19.40% of the company’s stock.

Hedge Funds Weigh In On Olema Pharmaceuticals

Hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. purchased a new position in Olema Pharmaceuticals during the 2nd quarter worth $34,753,000. Great Point Partners LLC acquired a new stake in Olema Pharmaceuticals during the 2nd quarter worth approximately $8,622,000. Candriam S.C.A. grew its stake in shares of Olema Pharmaceuticals by 199.9% in the 2nd quarter. Candriam S.C.A. now owns 1,058,673 shares of the company’s stock valued at $11,454,000 after purchasing an additional 705,655 shares during the last quarter. First Light Asset Management LLC acquired a new position in shares of Olema Pharmaceuticals in the fourth quarter valued at approximately $8,854,000. Finally, Perceptive Advisors LLC purchased a new stake in shares of Olema Pharmaceuticals during the fourth quarter worth approximately $7,574,000. 91.78% of the stock is currently owned by hedge funds and other institutional investors.

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.