Olema Pharmaceuticals (NASDAQ:OLMA) Stock Price Down 5.8%

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) traded down 5.8% on Tuesday . The company traded as low as $14.18 and last traded at $15.02. 306,700 shares traded hands during trading, an increase of 4% from the average session volume of 295,373 shares. The stock had previously closed at $15.95.

Analysts Set New Price Targets

Several research firms recently issued reports on OLMA. Oppenheimer restated an “outperform” rating and issued a $21.00 target price on shares of Olema Pharmaceuticals in a report on Wednesday, September 6th. Credit Suisse Group raised their target price on Olema Pharmaceuticals from $16.00 to $18.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 9th. JPMorgan Chase & Co. boosted their price target on Olema Pharmaceuticals from $16.00 to $19.00 and gave the company an “overweight” rating in a research note on Friday, September 15th. Finally, HC Wainwright restated a “buy” rating and set a $28.00 price target on shares of Olema Pharmaceuticals in a report on Wednesday, October 11th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $21.20.

Olema Pharmaceuticals Price Performance

The firm has a fifty day simple moving average of $13.23 and a 200-day simple moving average of $10.14. The firm has a market cap of $824.84 million, a P/E ratio of -6.35 and a beta of 2.39.

Insider Buying and Selling

In related news, Director Cyrus Harmon sold 15,000 shares of the company’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $9.36, for a total value of $140,400.00. Following the sale, the director now owns 1,008,714 shares in the company, valued at approximately $9,441,563.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Cyrus Harmon sold 15,000 shares of the company’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $9.36, for a total value of $140,400.00. Following the completion of the sale, the director now owns 1,008,714 shares in the company, valued at approximately $9,441,563.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider David C. Myles sold 20,000 shares of the business’s stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $12.67, for a total transaction of $253,400.00. Following the transaction, the insider now owns 572,011 shares in the company, valued at $7,247,379.37. The disclosure for this sale can be found here. Insiders have sold a total of 107,409 shares of company stock worth $1,312,848 in the last ninety days. Corporate insiders own 23.50% of the company’s stock.

Institutional Investors Weigh In On Olema Pharmaceuticals

Hedge funds have recently made changes to their positions in the business. Royal Bank of Canada increased its holdings in Olema Pharmaceuticals by 682.4% in the 2nd quarter. Royal Bank of Canada now owns 2,801 shares of the company’s stock worth $25,000 after acquiring an additional 2,443 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Olema Pharmaceuticals during the 4th quarter valued at approximately $28,000. Balyasny Asset Management LLC bought a new position in Olema Pharmaceuticals in the 3rd quarter worth approximately $33,000. Virtu Financial LLC bought a new stake in Olema Pharmaceuticals during the 4th quarter valued at $33,000. Finally, Citigroup Inc. bought a new position in shares of Olema Pharmaceuticals in the first quarter worth $34,000. 88.00% of the stock is currently owned by institutional investors.

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 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; and OP-1250 combine with CDK4/6 inhibitors palbociclib, ribociclib, and alpelisib in Phase 1b/2 clinical trial for the treatment of recurrent, locally advanced, or metastatic estrogen receptor-positive human epidermal growth factor receptor 2-negative breast cancer.