Olema Pharmaceuticals (NASDAQ:OLMA) Trading Down 9% on Disappointing Earnings

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) shares traded down 9% on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $11.52 and last traded at $11.57. 403,272 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 736,778 shares. The stock had previously closed at $12.72.

The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.01).

Wall Street Analysts Forecast Growth

OLMA has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Olema Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. HC Wainwright reissued a “buy” rating and issued a $30.00 target price on shares of Olema Pharmaceuticals in a research report on Wednesday. Finally, Oppenheimer restated an “outperform” rating and set a $30.00 price objective on shares of Olema Pharmaceuticals in a research report on Wednesday, August 7th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $27.00.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in OLMA. China Universal Asset Management Co. Ltd. increased its stake in shares of Olema Pharmaceuticals by 67.6% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,014 shares of the company’s stock worth $132,000 after purchasing an additional 4,442 shares in the last quarter. Portland Investment Counsel Inc. purchased a new stake in Olema Pharmaceuticals in the third quarter worth about $143,000. Cubist Systematic Strategies LLC purchased a new position in shares of Olema Pharmaceuticals during the 2nd quarter valued at about $145,000. SG Americas Securities LLC bought a new position in shares of Olema Pharmaceuticals during the 3rd quarter valued at approximately $156,000. Finally, Entropy Technologies LP purchased a new stake in Olema Pharmaceuticals in the 1st quarter worth approximately $161,000. 91.78% of the stock is currently owned by institutional investors.

Olema Pharmaceuticals Trading Down 12.0 %

The company has a market cap of $578.43 million, a P/E ratio of -4.80 and a beta of 2.02. The business’s 50 day simple moving average is $12.08 and its 200 day simple moving average is $11.98.

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.