Olema Pharmaceuticals (NASDAQ:OLMA) Shares Down 7.1% - Time to Sell?

Key Points

• Olema Pharmaceuticals fell 7.1% to about $8.95, with trading volume 82% below its average, bringing the stock well below its 50-day and 200-day moving averages.
• Despite several analysts cutting price targets, the stock retains a “Moderate Buy” consensus from analysts, with an average target of $40.60 versus its current price.
• Olema missed its latest quarterly earnings estimate, reporting a loss of $0.61 per share versus the expected $0.55 loss. The clinical-stage biotech is developing palazestrant, an investigational treatment for advanced breast cancer.

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Get Free Report) traded down 7.1% on Wednesday . The stock traded as low as $8.93 and last traded at $8.9540. 249,784 shares changed hands during trading, a decline of 82% from the average session volume of 1,375,705 shares. The stock had previously closed at $9.64.

Analyst Upgrades and Downgrades

OLMA has been the subject of several recent analyst reports. Stifel Nicolaus decreased their price target on Olema Pharmaceuticals from $48.00 to $30.00 and set a "buy" rating for the company in a research note on Monday, September 14th. Citigroup decreased their target price on Olema Pharmaceuticals to $59.00 and set a "buy" rating for the company in a research report on Tuesday, August 11th. HC Wainwright lowered their price target on Olema Pharmaceuticals from $38.00 to $36.00 and set a "buy" rating on the stock in a report on Tuesday, August 11th. Wall Street Zen lowered shares of Olema Pharmaceuticals from a "sell" rating to a "strong sell" rating in a research report on Saturday, July 25th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Olema Pharmaceuticals from $52.00 to $46.00 and set an "overweight" rating for the company in a report on Thursday, August 13th. Eleven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Olema Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $40.60.

Olema Pharmaceuticals Stock Down 9.3%

The firm's 50-day simple moving average is $10.91 and its 200-day simple moving average is $12.70. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.86 and a current ratio of 8.86. The company has a market capitalization of $764.75 million, a price-to-earnings ratio of -4.12 and a beta of 1.98.

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 the consensus estimate of ($0.55) by ($0.06). Sell-side analysts forecast that Olema Pharmaceuticals, Inc. will post -2.43 earnings per share for the current year.

Insider Buying and Selling at Olema Pharmaceuticals

In other 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 transaction of $144,750.00. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 12.56% of the company's stock.

Institutional Investors Weigh In On Olema Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC increased its holdings in shares of Olema Pharmaceuticals by 9,476.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,245 shares of the company's stock valued at $31,000 after purchasing an additional 1,232 shares in the last quarter. ProShare Advisors LLC lifted its holdings in Olema Pharmaceuticals by 13.8% during the 4th quarter. ProShare Advisors LLC now owns 14,367 shares of the company's stock worth $359,000 after buying an additional 1,740 shares in the last quarter. Arizona State Retirement System boosted its position in Olema Pharmaceuticals by 39.2% in the 2nd quarter. Arizona State Retirement System now owns 14,430 shares of the company's stock valued at $181,000 after buying an additional 4,062 shares during the last quarter. Quantbot Technologies LP bought a new position in Olema Pharmaceuticals in the 2nd quarter valued at $77,000. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Olema Pharmaceuticals by 7.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 109,582 shares of the company's stock valued at $1,634,000 after buying an additional 7,260 shares during the period. Institutional investors own 91.78% of the company's stock.

About Olema Pharmaceuticals

Olema Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing targeted therapies for women with cancer, particularly hormone receptor-positive breast cancer. The company's research is centered on treatments designed to address the biological drivers of tumor growth and provide new options for patients with advanced or metastatic disease.

Olema's lead investigational product is palazestrant, an 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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