Olema Pharmaceuticals (NASDAQ:OLMA) Releases Quarterly Earnings Results, Meets Estimates

Olema Pharmaceuticals (NASDAQ:OLMA) announced its quarterly earnings results on Tuesday. The company reported ($0.54) earnings per share for the quarter, meeting the consensus estimate of ($0.54), Zacks reports.

Olema Pharmaceuticals Stock Down 8.5 %

NASDAQ:OLMA traded down $1.19 on Wednesday, reaching $12.75. 442,424 shares of the company’s stock were exchanged, compared to its average volume of 853,394. The firm has a market capitalization of $713.16 million, a price-to-earnings ratio of -6.26 and a beta of 2.06. The business has a fifty day moving average of $12.79 and a 200-day moving average of $12.16. Olema Pharmaceuticals has a 52-week low of $8.50 and a 52-week high of $17.79.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on OLMA shares. Oppenheimer restated an “outperform” rating and issued a $30.00 price objective on shares of Olema Pharmaceuticals in a report on Wednesday. HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Olema Pharmaceuticals in a report on Tuesday, June 4th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Olema Pharmaceuticals has a consensus rating of “Buy” and a consensus target price of $23.50.

Insiders Place Their Bets

In other Olema Pharmaceuticals news, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $14.91, for a total transaction of $35,784,000.00. Following the sale, the insider now directly owns 783,118 shares in the company, valued at $11,676,289.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Olema Pharmaceuticals news, Director Cyrus Harmon sold 4,066 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $15.58, for a total transaction of $63,348.28. Following the sale, the director now directly owns 752,217 shares in the company, valued at $11,719,540.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Biocapital Advisors L. Paradigm sold 2,400,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $14.91, for a total transaction of $35,784,000.00. Following the sale, the insider now owns 783,118 shares in the company, valued at $11,676,289.38. The disclosure for this sale can be found here. Insiders have sold 2,449,066 shares of company stock worth $36,319,848 over the last three months. Company insiders own 19.40% of the company’s stock.

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.