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

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on OLMA. JPMorgan Chase & Co. dropped their target price on Olema Pharmaceuticals from $33.00 to $31.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. Oppenheimer reiterated an “outperform” rating and issued a $30.00 price objective on shares of Olema Pharmaceuticals in a report on Wednesday, August 7th. Finally, HC Wainwright reiterated a “buy” rating and issued a $30.00 price objective on shares of Olema Pharmaceuticals in a report on Thursday, October 24th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Olema Pharmaceuticals presently has an average rating of “Buy” and an average price target of $27.00.

Olema Pharmaceuticals Price Performance

The stock has a market capitalization of $660.85 million, a price-to-earnings ratio of -5.59 and a beta of 2.02. The business has a 50 day simple moving average of $12.08 and a 200-day simple moving average of $11.97.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of OLMA. Point72 Asset Management L.P. acquired a new position in shares of Olema Pharmaceuticals during the second quarter worth about $34,753,000. Great Point Partners LLC acquired a new position in shares of Olema Pharmaceuticals during the second quarter worth about $8,622,000. Candriam S.C.A. boosted its position in shares of Olema Pharmaceuticals by 199.9% during the second quarter. Candriam S.C.A. now owns 1,058,673 shares of the company’s stock worth $11,454,000 after buying an additional 705,655 shares during the period. Janus Henderson Group PLC boosted its position in shares of Olema Pharmaceuticals by 74.5% during the first quarter. Janus Henderson Group PLC now owns 1,221,662 shares of the company’s stock worth $13,817,000 after buying an additional 521,562 shares during the period. Finally, Affinity Asset Advisors LLC acquired a new position in shares of Olema Pharmaceuticals during the second quarter worth about $2,976,000. 91.78% of the stock is owned by institutional investors and hedge funds.

About Olema Pharmaceuticals

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.