Olema Pharmaceuticals (NASDAQ:OLMA) Trading Down 7.2% After Earnings Miss

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) shares traded down 7.2% on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $8.10 and last traded at $8.0750. 296,357 shares changed hands during trading, a decline of 69% from the average session volume of 969,604 shares. The stock had previously closed at $8.70.

The company reported ($0.49) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.05).

Wall Street Analyst Weigh In

OLMA has been the topic of a number of recent research reports. JPMorgan Chase & Co. boosted their price target on shares of Olema Pharmaceuticals from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, August 14th. Guggenheim started coverage on shares of Olema Pharmaceuticals in a research report on Wednesday, October 8th. They issued a “buy” rating and a $20.00 price target for the company. UBS Group reaffirmed a “buy” rating on shares of Olema Pharmaceuticals in a research report on Monday, October 20th. HC Wainwright reiterated a “buy” rating and issued a $28.00 price objective on shares of Olema Pharmaceuticals in a research note on Monday, October 20th. Finally, Zacks Research raised shares of Olema Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 9th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.00.

Insider Transactions at Olema Pharmaceuticals

In other Olema Pharmaceuticals news, Director Cyrus Harmon sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $8.33, for a total value of $83,300.00. Following the completion of the sale, the director owned 744,140 shares of the company’s stock, valued at approximately $6,198,686.20. This trade represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 25,000 shares of company stock valued at $204,841 in the last three months. Corporate insiders own 16.36% of the company’s stock.

Hedge Funds Weigh In On Olema Pharmaceuticals

Large investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. lifted its holdings in Olema Pharmaceuticals by 55.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,080 shares of the company’s stock valued at $26,000 after purchasing an additional 2,168 shares in the last quarter. ProShare Advisors LLC raised its position in shares of Olema Pharmaceuticals by 21.1% in the second quarter. ProShare Advisors LLC now owns 14,766 shares of the company’s stock valued at $63,000 after buying an additional 2,569 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Olema Pharmaceuticals by 2.6% during the first quarter. Bank of New York Mellon Corp now owns 131,994 shares of the company’s stock valued at $496,000 after buying an additional 3,328 shares during the period. Alps Advisors Inc. boosted its position in Olema Pharmaceuticals by 9.0% during the first quarter. Alps Advisors Inc. now owns 50,484 shares of the company’s stock worth $190,000 after acquiring an additional 4,149 shares during the last quarter. Finally, Corton Capital Inc. grew its stake in Olema Pharmaceuticals by 25.6% in the 1st quarter. Corton Capital Inc. now owns 21,741 shares of the company’s stock worth $82,000 after acquiring an additional 4,433 shares during the period. Hedge funds and other institutional investors own 91.78% of the company’s stock.

Olema Pharmaceuticals Price Performance

The company’s 50 day simple moving average is $8.81 and its 200 day simple moving average is $6.23. The company has a current ratio of 11.09, a quick ratio of 11.09 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $562.08 million, a PE ratio of -4.14 and a beta of 2.07.

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.