Shares of Olema Pharmaceuticals, Inc. (NASDAQ:OLMA – Get Free Report) gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $11.94, but opened at $10.98. Olema Pharmaceuticals shares last traded at $10.7450, with a volume of 623,791 shares.
The company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.06).
Analysts Set New Price Targets
A number of research analysts recently commented on OLMA shares. Guggenheim cut their target price on Olema Pharmaceuticals from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, May 13th. Wall Street Zen downgraded Olema Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, July 25th. Weiss Ratings downgraded shares of Olema Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, August 3rd. Finally, HC Wainwright dropped their price objective on shares of Olema Pharmaceuticals from $38.00 to $36.00 and set a “buy” rating for the company in a research report on Tuesday. Eleven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $43.90.
Insider Buying and Selling
In other Olema Pharmaceuticals news, Director Cyrus Harmon sold 12,500 shares of Olema Pharmaceuticals stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $11.58, for a total transaction of $144,750.00. Following the completion of the sale, the director owned 715,270 shares of the company’s stock, valued at approximately $8,282,826.60. The trade was a 1.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.56% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC grew its stake in shares of Olema Pharmaceuticals by 9,476.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,245 shares of the company’s stock worth $31,000 after purchasing an additional 1,232 shares during the period. Torren Management LLC acquired a new position in Olema Pharmaceuticals in the fourth quarter valued at about $44,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in Olema Pharmaceuticals in the fourth quarter valued at about $88,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Olema Pharmaceuticals by 44.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,822 shares of the company’s stock valued at $96,000 after acquiring an additional 1,169 shares during the period. Finally, Russell Investments Group Ltd. bought a new position in Olema Pharmaceuticals during the 3rd quarter worth approximately $53,000. 91.78% of the stock is currently owned by institutional investors.
Olema Pharmaceuticals Trading Down 12.5%
The business’s 50-day moving average price is $11.25 and its two-hundred day moving average price is $15.77. The company has a debt-to-equity ratio of 0.01, a current ratio of 10.88 and a quick ratio of 10.88. The company has a market capitalization of $912.72 million, a P/E ratio of -5.17 and a beta of 2.03.
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.
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