Olema Pharmaceuticals (NASDAQ:OLMA) Shares Gap Down - Here's Why

Key Points

• Olema Pharmaceuticals shares gapped down from $9.36 to $7.28, with the stock last trading at $7.93 amid significant trading volume of over 1.6 million shares.
• Investment analysts have set varied price targets for Olema, with JPMorgan increasing their target to $29.00 and Zacks upgrading the stock from "strong sell" to "hold."
• Insiders have sold a total of 25,000 shares valued at approximately $204,841 in the last 90 days, with insiders holding 16.36% of the company's stock after recent transactions.

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $9.36, but opened at $7.28. Olema Pharmaceuticals shares last traded at $7.93, with a volume of 1,628,725 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on OLMA shares. Oppenheimer reiterated an "outperform" rating and issued a $22.00 target price on shares of Olema Pharmaceuticals in a research note on Wednesday, September 3rd. JPMorgan Chase & Co. upped their target price on shares of Olema Pharmaceuticals from $28.00 to $29.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Citigroup lifted their price target on shares of Olema Pharmaceuticals from $20.00 to $21.00 and gave the stock a "buy" rating in a research note on Tuesday, August 12th. UBS Group reissued a "buy" rating on shares of Olema Pharmaceuticals in a research report on Monday. Finally, Zacks Research raised 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 given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.00.

Olema Pharmaceuticals Trading Down 14.0%

The firm has a market cap of $552.13 million, a P/E ratio of -4.08 and a beta of 2.08. The business's 50-day moving average is $7.88 and its two-hundred day moving average is $5.72. The company has a current ratio of 11.09, a quick ratio of 11.09 and a debt-to-equity ratio of 0.01.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.08). As a group, analysts expect that Olema Pharmaceuticals, Inc. will post -2.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Cyrus Harmon sold 10,000 shares of the company's stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $8.33, for a total value of $83,300.00. Following the transaction, the director owned 744,140 shares in the company, valued at $6,198,686.20. This represents a 1.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have sold 25,000 shares of company stock worth $204,841. Insiders own 16.36% of the company's stock.

Institutional Trading of Olema Pharmaceuticals

Several large investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. grew its position in Olema Pharmaceuticals by 55.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,080 shares of the company's stock worth $26,000 after acquiring an additional 2,168 shares during the last quarter. ProShare Advisors LLC grew its stake in shares of Olema Pharmaceuticals by 21.1% during the second quarter. ProShare Advisors LLC now owns 14,766 shares of the company's stock valued at $63,000 after purchasing an additional 2,569 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in shares of Olema Pharmaceuticals by 22.6% in the first quarter. China Universal Asset Management Co. Ltd. now owns 14,892 shares of the company's stock valued at $56,000 after purchasing an additional 2,743 shares in the last quarter. Bank of New York Mellon Corp raised its position in Olema Pharmaceuticals by 2.6% in the 1st quarter. Bank of New York Mellon Corp now owns 131,994 shares of the company's stock worth $496,000 after purchasing an additional 3,328 shares during the last quarter. Finally, Alps Advisors Inc. raised its position in Olema Pharmaceuticals by 9.0% in the 1st quarter. Alps Advisors Inc. now owns 50,484 shares of the company's stock worth $190,000 after purchasing an additional 4,149 shares during the last quarter. Institutional investors own 91.78% of the company's stock.

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.

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