Olema Pharmaceuticals (NASDAQ:OLMA) Stock Price Down 6.2%

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA)’s stock price fell 6.2% on Thursday . The company traded as low as $10.05 and last traded at $10.05. 159,950 shares changed hands during trading, a decline of 79% from the average session volume of 779,765 shares. The stock had previously closed at $10.71.

Analyst Ratings Changes

A number of brokerages have weighed in on OLMA. Capital One Financial reiterated an “overweight” rating on shares of Olema Pharmaceuticals in a research report on Thursday, February 22nd. The Goldman Sachs Group began coverage on shares of Olema Pharmaceuticals in a research report on Tuesday, April 2nd. They set a “buy” rating and a $24.00 target price for the company. Finally, Citigroup began coverage on shares of Olema Pharmaceuticals in a research report on Tuesday, January 30th. They set a “buy” rating and a $20.00 target price for the company. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $21.43.

Olema Pharmaceuticals Price Performance

The business’s 50 day moving average is $12.62 and its two-hundred day moving average is $12.98. The firm has a market capitalization of $553.61 million, a PE ratio of -4.62 and a beta of 2.10.

Olema Pharmaceuticals (NASDAQ:OLMA) last posted its quarterly earnings results on Monday, March 11th. The company reported ($0.49) EPS for the quarter, hitting the consensus estimate of ($0.49). Analysts expect that Olema Pharmaceuticals, Inc. will post -2.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other Olema Pharmaceuticals news, Director Cyrus Harmon sold 20,000 shares of Olema Pharmaceuticals stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $10.97, for a total transaction of $219,400.00. Following the transaction, the director now directly owns 826,283 shares of the company’s stock, valued at $9,064,324.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders have sold 70,000 shares of company stock valued at $835,400. 23.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Victory Capital Management Inc. bought a new position in shares of Olema Pharmaceuticals in the third quarter worth approximately $784,000. MPM Bioimpact LLC grew its holdings in shares of Olema Pharmaceuticals by 301.7% in the third quarter. MPM Bioimpact LLC now owns 1,857,681 shares of the company’s stock worth $22,942,000 after purchasing an additional 1,395,181 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in shares of Olema Pharmaceuticals by 68.1% in the third quarter. Adage Capital Partners GP L.L.C. now owns 388,982 shares of the company’s stock worth $4,804,000 after purchasing an additional 157,549 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Olema Pharmaceuticals by 2.2% in the third quarter. Vanguard Group Inc. now owns 1,710,307 shares of the company’s stock worth $21,122,000 after purchasing an additional 36,785 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. bought a new position in shares of Olema Pharmaceuticals in the fourth quarter worth approximately $89,000. 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.