Olema Pharmaceuticals (NASDAQ:OLMA) Trading Down 9% After Earnings Miss

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

The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.01).

Wall Street Analyst Weigh In

A number of research firms have recently commented on OLMA. JPMorgan Chase & Co. lowered 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. HC Wainwright reiterated a “buy” rating and set a $30.00 target price on shares of Olema Pharmaceuticals in a research report on Wednesday. Finally, Oppenheimer reiterated an “outperform” rating and set a $30.00 target price on shares of Olema Pharmaceuticals in a research report on Wednesday, August 7th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $27.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Asset Management L.P. bought a new stake in Olema Pharmaceuticals in the second quarter worth $34,753,000. Great Point Partners LLC bought a new stake in Olema Pharmaceuticals in the second quarter worth $8,622,000. Candriam S.C.A. lifted its position in Olema Pharmaceuticals by 199.9% in 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 last quarter. Janus Henderson Group PLC lifted its position in Olema Pharmaceuticals by 74.5% in 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 last quarter. Finally, Affinity Asset Advisors LLC bought a new stake in Olema Pharmaceuticals in the second quarter worth $2,976,000. 91.78% of the stock is currently owned by institutional investors.

Olema Pharmaceuticals Price Performance

The company has a market capitalization of $578.43 million, a P/E ratio of -4.80 and a beta of 2.02. The business has a 50-day moving average of $12.08 and a 200-day moving average of $11.98.

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.