Olema Pharmaceuticals (NASDAQ:OLMA) Shares Down 5.4% After Insider Selling

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Get Free Report)'s stock price was down 5.4% during mid-day trading on Monday following insider selling activity. The stock traded as low as $10.71 and last traded at $10.71. Approximately 291,191 shares were traded during trading, a decline of 64% from the average daily volume of 803,049 shares. The stock had previously closed at $11.32.

Specifically, Director Cyrus Harmon sold 25,000 shares of Olema Pharmaceuticals stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $12.41, for a total value of $310,250.00. Following the sale, the director now directly owns 846,283 shares of the company's stock, valued at $10,502,372.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 70,000 shares of company stock worth $835,400 over the last ninety days. Corporate insiders own 23.50% of the company's stock.

Analyst Upgrades and Downgrades

OLMA has been the subject of several recent analyst reports. Capital One Financial restated an "overweight" rating on shares of Olema Pharmaceuticals in a research report on Thursday, February 22nd. Citigroup started coverage on Olema Pharmaceuticals in a report on Tuesday, January 30th. They issued a "buy" rating and a $20.00 price target for the company. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $21.00.

Olema Pharmaceuticals Stock Performance

The firm's 50 day moving average price is $13.17 and its 200-day moving average price is $13.12. The firm has a market capitalization of $608.97 million, a PE ratio of -4.97 and a beta of 2.10.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of OLMA. Royal Bank of Canada lifted its stake in Olema Pharmaceuticals by 682.4% in the 2nd quarter. Royal Bank of Canada now owns 2,801 shares of the company's stock valued at $25,000 after buying an additional 2,443 shares in the last quarter. Jane Street Group LLC acquired a new stake in Olema Pharmaceuticals in the 4th quarter valued at about $28,000. Balyasny Asset Management LLC acquired a new stake in Olema Pharmaceuticals in the 3rd quarter valued at about $33,000. Virtu Financial LLC acquired a new stake in Olema Pharmaceuticals in the 4th quarter valued at about $33,000. Finally, Citigroup Inc. acquired a new stake in Olema Pharmaceuticals in the 1st quarter valued at about $34,000. 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 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; and OP-1250 combine with CDK4/6 inhibitors palbociclib, ribociclib, and alpelisib in Phase 1b/2 clinical trial for the treatment of recurrent, locally advanced, or metastatic estrogen receptor-positive human epidermal growth factor receptor 2-negative breast cancer.