Olema Pharmaceuticals Sees Unusually High Options Volume (NASDAQ:OLMA)

Key Points

• Olema Pharmaceuticals saw unusually heavy put-option activity: Investors purchased 17,254 put options, a 6,018% increase over the average volume of 282.
• OLMA shares fell to $10.65, while the company reported a quarterly loss of $0.61 per share, missing analyst estimates of a $0.55 loss.
• Despite several analysts lowering price targets, the stock retains a “Moderate Buy” consensus rating, with an average target of $42.40 versus its current price.

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Get Free Report) was the target of some unusual options trading on Tuesday. Stock investors acquired 17,254 put options on the company. This is an increase of 6,018% compared to the average volume of 282 put options.

Olema Pharmaceuticals Stock Performance

NASDAQ:OLMA traded down $0.12 during mid-day trading on Tuesday, hitting $10.65. 960,508 shares of the company's stock traded hands, compared to its average volume of 1,429,678. The firm has a market capitalization of $931.85 million, a price-to-earnings ratio of -5.02 and a beta of 2.03. The firm has a 50 day moving average of $11.26 and a two-hundred day moving average of $15.23. The company has a current ratio of 8.86, a quick ratio of 8.86 and a debt-to-equity ratio of 0.01. Olema Pharmaceuticals has a 12 month low of $5.34 and a 12 month high of $36.26.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.06). On average, equities analysts forecast that Olema Pharmaceuticals will post -2.37 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on OLMA shares. Citigroup lowered their price target on Olema Pharmaceuticals to $59.00 and set a "buy" rating on the stock in a report on Tuesday, August 11th. HC Wainwright decreased their price objective on shares of Olema Pharmaceuticals from $38.00 to $36.00 and set a "buy" rating for the company in a report on Tuesday, August 11th. JPMorgan Chase & Co. lowered their target price on shares of Olema Pharmaceuticals from $52.00 to $46.00 and set an "overweight" rating on the stock in a research note on Thursday, August 13th. Weiss Ratings downgraded shares of Olema Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, August 3rd. Finally, Guggenheim cut their target price on shares of Olema Pharmaceuticals from $38.00 to $35.00 and set a "buy" rating for the company in a research report on Wednesday, May 13th. Eleven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $42.40.

Insiders Place Their Bets

In related news, Director Cyrus Harmon sold 12,500 shares of the business's stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $11.58, for a total value of $144,750.00. Following the completion of the sale, the director directly owned 715,270 shares in the company, valued at approximately $8,282,826.60. The trade was a 1.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 12.56% of the company's stock.

Hedge Funds Weigh In On Olema Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of OLMA. Seven Fleet Capital Management LP bought a new stake in Olema Pharmaceuticals in the 2nd quarter valued at $393,765,000. Bank of America Corp DE bought a new position in shares of Olema Pharmaceuticals during the 2nd quarter worth about $4,189,000. Jupiter Topco LLC acquired a new position in shares of Olema Pharmaceuticals during the second quarter valued at about $88,803,000. Canada Pension Plan Investment Board acquired a new position in shares of Olema Pharmaceuticals during the second quarter valued at about $144,000. Finally, Legal & General Group Plc acquired a new position in shares of Olema Pharmaceuticals during the second quarter valued at about $470,000. 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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