Olema Pharmaceuticals (NASDAQ:OLMA) Shares Down 7.2% - Here's What Happened

Key Points

• Olema Pharmaceuticals (NASDAQ:OLMA) shares decreased by 7.2% to $7.72 amid reduced trading volume, highlighting investor caution.
• Analysts have mixed opinions on the stock, with Zacks Research issuing a "strong sell" rating while others like Oppenheimer maintain a "buy" rating with a $22 price target.
• The company reported a quarterly EPS of ($0.51), missing estimates, and is forecasted to post -2.33 EPS for the current year, indicating potential financial struggles.

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Get Free Report)'s share price was down 7.2% during mid-day trading on Monday . The company traded as low as $7.77 and last traded at $7.72. Approximately 514,404 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 888,037 shares. The stock had previously closed at $8.31.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on OLMA shares. Citigroup lifted their price target on Olema Pharmaceuticals from $20.00 to $21.00 and gave the company a "buy" rating in a report on Tuesday, August 12th. Zacks Research raised Olema Pharmaceuticals from a "strong sell" rating to a "hold" rating in a report on Tuesday. Oppenheimer reissued an "outperform" rating and set a $22.00 price objective on shares of Olema Pharmaceuticals in a report on Wednesday, September 3rd. Finally, JPMorgan Chase & Co. boosted their price objective on Olema Pharmaceuticals from $28.00 to $29.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $24.00.

Olema Pharmaceuticals Trading Down 2.9%

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 business has a 50 day moving average price of $5.47 and a 200 day moving average price of $4.76. The company has a market capitalization of $533.29 million, a P/E ratio of -3.92 and a beta of 1.92.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.08). Analysts anticipate that Olema Pharmaceuticals, Inc. will post -2.33 EPS for the current year.

Hedge Funds Weigh In On Olema Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE grew its position in shares of Olema Pharmaceuticals by 110.6% in the 4th quarter. Bank of America Corp DE now owns 865,339 shares of the company's stock valued at $5,045,000 after purchasing an additional 454,400 shares during the period. Wellington Management Group LLP boosted its position in Olema Pharmaceuticals by 52.1% during the 4th quarter. Wellington Management Group LLP now owns 1,525,484 shares of the company's stock worth $8,839,000 after acquiring an additional 522,799 shares during the last quarter. Millennium Management LLC boosted its position in Olema Pharmaceuticals by 1,154.4% during the 4th quarter. Millennium Management LLC now owns 979,219 shares of the company's stock worth $5,709,000 after acquiring an additional 901,159 shares during the last quarter. Nuveen LLC acquired a new position in Olema Pharmaceuticals during the 1st quarter worth approximately $1,295,000. Finally, Affinity Asset Advisors LLC acquired a new position in Olema Pharmaceuticals during the 1st quarter worth approximately $1,222,000. 91.78% of the stock is currently owned by institutional investors and hedge funds.

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.