Olema Pharmaceuticals (NASDAQ:OLMA) Stock Price Down 4.8% – Here’s What Happened

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA)’s stock price traded down 4.8% during mid-day trading on Friday . The stock traded as low as $13.89 and last traded at $13.3890. 103,386 shares changed hands during trading, a decline of 93% from the average session volume of 1,408,777 shares. The stock had previously closed at $14.06.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Wolfe Research assumed coverage on Olema Pharmaceuticals in a research note on Friday, March 27th. They set a “peer perform” rating for the company. The Goldman Sachs Group lowered their price target on Olema Pharmaceuticals from $38.00 to $27.00 and set a “buy” rating on the stock in a research report on Wednesday, March 18th. Oppenheimer restated an “outperform” rating on shares of Olema Pharmaceuticals in a research report on Monday, March 9th. Wall Street Zen upgraded Olema Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Monday, April 27th. Finally, Stifel Nicolaus assumed coverage on Olema Pharmaceuticals in a research report on Wednesday, February 11th. They set a “buy” rating and a $48.00 price target on the stock. Eleven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $44.10.

Olema Pharmaceuticals Stock Down 4.4%

The firm has a market cap of $1.17 billion, a PE ratio of -6.65 and a beta of 2.05. The stock has a 50-day simple moving average of $14.95 and a two-hundred day simple moving average of $20.66. The company has a quick ratio of 10.88, a current ratio of 10.88 and a debt-to-equity ratio of 0.01.

Olema Pharmaceuticals (NASDAQ:OLMA) last issued its earnings results on Tuesday, May 12th. The company reported ($0.52) earnings per share for the quarter, meeting the consensus estimate of ($0.52). Analysts expect that Olema Pharmaceuticals, Inc. will post -2.16 earnings per share for the current year.

Insider Buying and Selling

In other Olema Pharmaceuticals news, insider Shawnte Mitchell sold 25,000 shares of Olema Pharmaceuticals stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $24.25, for a total value of $606,250.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 12.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Olema Pharmaceuticals

A number of large investors have recently bought and sold shares of the stock. Bank of America Corp DE increased its stake in Olema Pharmaceuticals by 112.9% in the 1st quarter. Bank of America Corp DE now owns 508,706 shares of the company’s stock worth $7,585,000 after purchasing an additional 269,792 shares during the period. Janus Henderson Group PLC increased its holdings in Olema Pharmaceuticals by 5.9% during the 1st quarter. Janus Henderson Group PLC now owns 7,108,488 shares of the company’s stock valued at $106,013,000 after purchasing an additional 398,294 shares during the period. California State Teachers Retirement System increased its holdings in Olema Pharmaceuticals by 966.0% during the 1st quarter. California State Teachers Retirement System now owns 39,079 shares of the company’s stock valued at $583,000 after purchasing an additional 35,413 shares during the period. Rock Springs Capital Management LP increased its holdings in Olema Pharmaceuticals by 73.4% during the 1st quarter. Rock Springs Capital Management LP now owns 170,378 shares of the company’s stock valued at $2,540,000 after purchasing an additional 72,138 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in Olema Pharmaceuticals by 7.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 109,582 shares of the company’s stock valued at $1,634,000 after purchasing an additional 7,260 shares during the period. 91.78% of the stock is 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.