Olema Pharmaceuticals (NASDAQ:OLMA) Shares Down 5.7% – What’s Next?

Shares of Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) were down 5.7% during trading on Monday . The stock traded as low as $9.81 and last traded at $9.85. Approximately 113,528 shares changed hands during trading, a decline of 84% from the average daily volume of 730,516 shares. The stock had previously closed at $10.45.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Olema Pharmaceuticals in a research note on Wednesday, November 13th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, Olema Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $27.00.

Olema Pharmaceuticals Trading Down 4.0 %

The stock’s 50-day simple moving average is $11.07 and its 200-day simple moving average is $11.93. The stock has a market cap of $574.72 million, a price-to-earnings ratio of -4.50 and a beta of 1.93.

Hedge Funds Weigh In On Olema Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its position in Olema Pharmaceuticals by 9.9% during the third quarter. Victory Capital Management Inc. now owns 851,512 shares of the company’s stock worth $10,167,000 after purchasing an additional 76,720 shares during the period. Hennion & Walsh Asset Management Inc. bought a new position in shares of Olema Pharmaceuticals in the 2nd quarter valued at $945,000. Point72 Asset Management L.P. acquired a new position in shares of Olema Pharmaceuticals during the 2nd quarter worth $34,753,000. Dana Investment Advisors Inc. bought a new position in shares of Olema Pharmaceuticals in the 2nd quarter valued at $808,000. Finally, Great Point Partners LLC boosted its holdings in shares of Olema Pharmaceuticals by 25.5% during the 3rd quarter. Great Point Partners LLC now owns 1,000,000 shares of the company’s stock valued at $11,940,000 after acquiring an additional 203,120 shares in the last quarter. 91.78% of the stock is owned by institutional investors and hedge funds.

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.