Olema Pharmaceuticals (NASDAQ:OLMA) Stock Price Down 9% – Here’s Why

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) shares traded down 9% during mid-day trading on Tuesday . The stock traded as low as $11.52 and last traded at $11.57. 403,272 shares changed hands during trading, a decline of 45% from the average session volume of 736,778 shares. The stock had previously closed at $12.72.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. HC Wainwright restated a “buy” rating and set a $30.00 price objective on shares of Olema Pharmaceuticals in a research note on Thursday, October 24th. Oppenheimer reaffirmed an “outperform” rating and issued a $30.00 target price on shares of Olema Pharmaceuticals in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. dropped their target price on Olema Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $27.00.

Olema Pharmaceuticals Trading Down 9.3 %

The firm has a market cap of $660.85 million, a price-to-earnings ratio of -5.59 and a beta of 2.02. The stock has a 50-day moving average of $12.08 and a two-hundred day moving average of $11.97.

Institutional Investors Weigh In On Olema Pharmaceuticals

Institutional investors have recently bought and sold shares of the business. Point72 Asset Management L.P. purchased a new stake in shares of Olema Pharmaceuticals during the 2nd quarter worth about $34,753,000. Great Point Partners LLC bought a new position in shares of Olema Pharmaceuticals in the 2nd quarter valued at approximately $8,622,000. Candriam S.C.A. raised its stake in shares of Olema Pharmaceuticals by 199.9% in the 2nd quarter. Candriam S.C.A. now owns 1,058,673 shares of the company’s stock valued at $11,454,000 after acquiring an additional 705,655 shares in the last quarter. Janus Henderson Group PLC raised its stake in shares of Olema Pharmaceuticals by 74.5% in the 1st quarter. Janus Henderson Group PLC now owns 1,221,662 shares of the company’s stock valued at $13,817,000 after acquiring an additional 521,562 shares in the last quarter. Finally, Affinity Asset Advisors LLC bought a new position in shares of Olema Pharmaceuticals in the 2nd quarter valued at approximately $2,976,000. 91.78% of the stock is currently owned by institutional investors and hedge funds.

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.