Olema Pharmaceuticals (NASDAQ:OLMA) Shares Gap Down Following Analyst Downgrade

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA)’s share price gapped down before the market opened on Monday after HC Wainwright lowered their price target on the stock from $45.00 to $38.00. The stock had previously closed at $21.55, but opened at $13.54. HC Wainwright currently has a buy rating on the stock. Olema Pharmaceuticals shares last traded at $17.57, with a volume of 5,140,467 shares traded.

Several other brokerages have also recently commented on OLMA. Oppenheimer reaffirmed an “outperform” rating on shares of Olema Pharmaceuticals in a research report on Monday. UBS Group started coverage on shares of Olema Pharmaceuticals in a report on Wednesday, January 7th. They issued a “buy” rating and a $45.00 price target on the stock. Citigroup raised their price objective on shares of Olema Pharmaceuticals from $21.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Stifel Nicolaus initiated coverage on shares of Olema Pharmaceuticals in a research report on Wednesday, February 11th. They set a “buy” rating and a $48.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their target price on shares of Olema Pharmaceuticals from $29.00 to $32.00 and gave the company an “overweight” rating in a research note on Tuesday, November 18th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Insiders Place Their Bets

In other Olema Pharmaceuticals news, insider Naseem Zojwalla sold 100,000 shares of the firm’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $28.04, for a total value of $2,804,000.00. Following the completion of the sale, the insider owned 53,997 shares in the company, valued at approximately $1,514,075.88. This trade represents a 64.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Shawnte Mitchell sold 25,000 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $24.25, for a total transaction of $606,250.00. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 805,501 shares of company stock valued at $23,003,832 over the last three months. Company insiders own 16.36% of the company’s stock.

Institutional Trading of Olema Pharmaceuticals

Several hedge funds have recently modified their holdings of OLMA. Virtu Financial LLC bought a new position in Olema Pharmaceuticals in the 4th quarter worth approximately $1,061,000. Invesco Ltd. lifted its holdings in Olema Pharmaceuticals by 25.0% during the 4th quarter. Invesco Ltd. now owns 155,732 shares of the company’s stock worth $3,893,000 after buying an additional 31,098 shares in the last quarter. EP Wealth Advisors LLC bought a new position in Olema Pharmaceuticals in the 4th quarter valued at $250,000. Vestal Point Capital LP bought a new position in Olema Pharmaceuticals in the 4th quarter valued at $41,250,000. Finally, Wellington Management Group LLP increased its stake in shares of Olema Pharmaceuticals by 8.2% in the 4th quarter. Wellington Management Group LLP now owns 220,971 shares of the company’s stock valued at $5,524,000 after buying an additional 16,764 shares during the period. 91.78% of the stock is owned by institutional investors.

Olema Pharmaceuticals Price Performance

The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of -8.56 and a beta of 1.93. The company has a current ratio of 8.03, a quick ratio of 8.03 and a debt-to-equity ratio of 0.01. The company has a 50 day moving average price of $24.97 and a 200 day moving average price of $18.31.

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.