Olema Pharmaceuticals (NASDAQ:OLMA) Stock Falls 6.6% - Here's What Happened

Key Points

• Olema Pharmaceuticals shares fell 6.6% to $6.56, with trading volume down roughly 90% from the average session.
• Analysts have lowered several price targets, but the stock retains a “Moderate Buy” consensus rating from MarketBeat, with an average target of $40.60.
• The company reported quarterly EPS of -$0.61, missing estimates of -$0.55; analysts expect a full-year loss of approximately $2.43 per share.

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Get Free Report)'s stock price dropped 6.6% on Friday. The stock traded as low as $6.55 and last traded at $6.56. Approximately 130,638 shares changed hands during trading, a decline of 90% from the average session volume of 1,362,672 shares. The stock had previously closed at $7.02.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on OLMA shares. JPMorgan Chase & Co. reduced their price objective on Olema Pharmaceuticals from $52.00 to $46.00 and set an "overweight" rating for the company in a research report on Thursday, August 13th. 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. Wall Street Zen downgraded shares of Olema Pharmaceuticals from a "sell" rating to a "strong sell" rating in a report on Saturday, July 25th. HC Wainwright cut their price target on Olema Pharmaceuticals from $38.00 to $36.00 and set a "buy" rating for the company in a report on Tuesday, August 11th. Finally, Stifel Nicolaus dropped their price objective on shares of Olema Pharmaceuticals from $48.00 to $30.00 and set a "buy" rating for the company in a research note on Monday, September 14th. Eleven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $40.60.

Olema Pharmaceuticals Trading Down 8.6%

The company has a quick ratio of 8.86, a current ratio of 8.86 and a debt-to-equity ratio of 0.01. The company's 50-day moving average is $9.30 and its 200 day moving average is $11.51. The company has a market cap of $561.31 million, a price-to-earnings ratio of -3.01 and a beta of 2.00.

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

Hedge Funds Weigh In On Olema Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in OLMA. Arizona State Retirement System increased its holdings in Olema Pharmaceuticals by 39.2% during the 2nd quarter. Arizona State Retirement System now owns 14,430 shares of the company's stock worth $181,000 after purchasing an additional 4,062 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Olema Pharmaceuticals during the 2nd quarter worth $220,000. Readystate Asset Management LP acquired a new position in Olema Pharmaceuticals during the second quarter worth approximately $7,429,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Olema Pharmaceuticals in the 2nd quarter valued at approximately $690,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Olema Pharmaceuticals by 96.3% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 49,136 shares of the company's stock valued at $615,000 after purchasing an additional 24,111 shares during the period. Institutional investors and hedge funds 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's cancers, with an emphasis on hormone receptor-positive breast cancer. The company's research is centered on treatments designed to address cancer biology and resistance mechanisms that can limit the effectiveness of existing endocrine therapies.

Olema's lead product candidate is palazestrant, an oral selective estrogen receptor degrader (SERD) being developed for patients with estrogen receptor-positive, human epidermal growth factor receptor 2-negative advanced or metastatic breast cancer.

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