Olema Pharmaceuticals (NASDAQ:OLMA) Hits New 12-Month Low - Here's Why

Key Points

• Olema Pharmaceuticals shares fell 3.4% to a new 52-week low of $6.63, extending declines as the stock trades well below its 50-day and 200-day moving averages.
• The company reported a quarterly loss of $0.61 per share, missing the consensus estimate of a $0.55 loss; analysts expect a full-year loss of approximately $2.43 per share.
• Despite the selloff and mixed rating changes, analysts maintain a consensus “Moderate Buy” rating with an average price target of $40.60, while institutional investors own 91.78% of the stock.

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Get Free Report) shares reached a new 52-week low on Wednesday. The company traded as low as $6.63 and last traded at $6.6950, with a volume of 632,943 shares trading hands. The stock had previously closed at $7.02.

Analyst Ratings Changes

Several analysts recently commented on the company. Weiss Ratings upgraded Olema Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, September 21st. Wall Street Zen cut Olema Pharmaceuticals from a "sell" rating to a "strong sell" rating in a research note on Saturday, July 25th. Citigroup decreased their price target on Olema Pharmaceuticals to $59.00 and set a "buy" rating for the company in a research note on Tuesday, August 11th. Stifel Nicolaus lowered their price target on Olema Pharmaceuticals from $48.00 to $30.00 and set a "buy" rating on the stock in a report on Monday, September 14th. Finally, HC Wainwright cut their price objective on shares of Olema Pharmaceuticals from $38.00 to $36.00 and set a "buy" rating on the stock in a research note on Tuesday, August 11th. Eleven 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 company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $40.60.

Olema Pharmaceuticals Stock Down 3.4%

The firm has a market cap of $593.25 million, a price-to-earnings ratio of -3.19 and a beta of 2.00. The stock's 50 day moving average is $9.90 and its 200 day moving average is $11.88. The company has a quick ratio of 8.86, a current ratio of 8.86 and a debt-to-equity ratio of 0.01.

Olema Pharmaceuticals (NASDAQ:OLMA - Get Free Report) last released its earnings results on Monday, August 10th. The company reported ($0.61) earnings per share for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.06). Analysts forecast that Olema Pharmaceuticals, Inc. will post -2.43 EPS for the current year.

Insiders Place Their Bets

In related news, Director Cyrus Harmon sold 12,500 shares of Olema Pharmaceuticals stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $11.58, for a total transaction of $144,750.00. Following the transaction, the director directly owned 715,270 shares of the company's stock, valued at $8,282,826.60. The trade was a 1.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 12.56% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Olema Pharmaceuticals

Large investors have recently made changes to their positions in the business. Jupiter Topco LLC acquired a new position in shares of Olema Pharmaceuticals in the second quarter worth about $88,803,000. BlackRock Inc. acquired a new stake in shares of Olema Pharmaceuticals during the second quarter valued at approximately $84,001,000. Cormorant Asset Management LP acquired a new stake in shares of Olema Pharmaceuticals during the fourth quarter valued at approximately $68,750,000. Siren L.L.C. lifted its position in shares of Olema Pharmaceuticals by 44.1% in the 1st quarter. Siren L.L.C. now owns 4,756,949 shares of the company's stock valued at $70,926,000 after acquiring an additional 1,456,249 shares in the last quarter. Finally, Jennison Associates LLC lifted its position in shares of Olema Pharmaceuticals by 89.0% in the 1st quarter. Jennison Associates LLC now owns 1,822,123 shares of the company's stock valued at $27,168,000 after acquiring an additional 858,126 shares in the last quarter. Institutional investors own 91.78% of the company's stock.

Olema Pharmaceuticals Company Profile

Olema Pharmaceuticals, Inc NASDAQ: OLMA is a clinical-stage biopharmaceutical company focused on developing therapies for women's cancers, with an emphasis on hormone receptor-positive breast cancer. The company's research is centered on oral endocrine medicines designed to target estrogen receptor signaling, an important driver of many breast tumors.

Olema's lead product candidate is palazestrant, an investigational oral selective estrogen receptor degrader (SERD) being evaluated for the treatment of estrogen receptor-positive, HER2-negative advanced or metastatic breast cancer.

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