Olema Pharmaceuticals (NASDAQ:OLMA) Stock Price Down 7.5%

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA)’s stock price fell 7.5% on Wednesday . The company traded as low as $12.61 and last traded at $12.90. 329,151 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 852,749 shares. The stock had previously closed at $13.94.

Analyst Ratings Changes

A number of brokerages recently issued reports on OLMA. HC Wainwright reissued a “buy” rating and set a $30.00 price target on shares of Olema Pharmaceuticals in a research report on Tuesday, June 4th. Oppenheimer reaffirmed an “outperform” rating and issued a $30.00 target price on shares of Olema Pharmaceuticals in a report on Wednesday. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $23.50.

Olema Pharmaceuticals Stock Performance

The company has a market capitalization of $701.41 million, a PE ratio of -6.26 and a beta of 2.06. The stock has a fifty day moving average of $12.79 and a 200 day moving average of $12.16.

Olema Pharmaceuticals (NASDAQ:OLMA) last announced its quarterly 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, equities analysts predict that Olema Pharmaceuticals, Inc. will post -2.3 EPS for the current year.

Insider Buying and Selling at Olema Pharmaceuticals

In other news, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 783,118 shares of the company’s stock, valued at approximately $11,676,289.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Olema Pharmaceuticals news, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of Olema Pharmaceuticals stock in a transaction on Thursday, August 1st. The shares were 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 directly owns 783,118 shares of the company’s stock, valued at approximately $11,676,289.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Cyrus Harmon sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $10.93, for a total value of $54,650.00. Following the sale, the director now owns 786,283 shares in the company, valued at $8,594,073.19. The disclosure for this sale can be found here. Insiders sold 2,449,066 shares of company stock worth $36,319,848 in the last quarter. 19.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System raised its position in Olema Pharmaceuticals by 3.4% in the 1st quarter. California State Teachers Retirement System now owns 34,695 shares of the company’s stock worth $393,000 after purchasing an additional 1,132 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Olema Pharmaceuticals by 9.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,951 shares of the company’s stock valued at $224,000 after buying an additional 1,367 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Olema Pharmaceuticals by 6.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 26,251 shares of the company’s stock valued at $298,000 after acquiring an additional 1,486 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of 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 acquiring an additional 4,221 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in Olema Pharmaceuticals by 38.1% in the fourth quarter. SG Americas Securities LLC now owns 15,874 shares of the company’s stock worth $223,000 after acquiring an additional 4,379 shares during the period. 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.