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

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) fell 9% 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 were traded during 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 equities research analysts have recently commented on the company. Oppenheimer reissued an “outperform” rating and issued a $30.00 target price on shares of Olema Pharmaceuticals in a research note on Wednesday, August 7th. JPMorgan Chase & Co. dropped their price objective 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. Finally, HC Wainwright reaffirmed a “buy” rating and set a $30.00 price objective on shares of Olema Pharmaceuticals in a research report on Wednesday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Olema Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $27.00.

Institutional Investors Weigh In On Olema Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ensign Peak Advisors Inc increased its holdings in Olema Pharmaceuticals by 6.1% in the 2nd quarter. Ensign Peak Advisors Inc now owns 14,849 shares of the company’s stock worth $161,000 after acquiring an additional 850 shares in the last quarter. California State Teachers Retirement System increased its holdings in Olema Pharmaceuticals by 3.4% in the 1st quarter. California State Teachers Retirement System now owns 34,695 shares of the company’s stock worth $393,000 after acquiring an additional 1,132 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Olema Pharmaceuticals by 6.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 26,251 shares of the company’s stock worth $298,000 after acquiring an additional 1,486 shares in the last quarter. ClariVest Asset Management LLC increased its holdings in Olema Pharmaceuticals by 3.1% in the 2nd quarter. ClariVest Asset Management LLC now owns 63,149 shares of the company’s stock worth $683,000 after acquiring an additional 1,881 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its holdings in Olema Pharmaceuticals by 67.6% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,014 shares of the company’s stock worth $132,000 after acquiring an additional 4,442 shares in the last quarter. 91.78% of the stock is owned by hedge funds and other institutional investors.

Olema Pharmaceuticals Stock Performance

The company has a market capitalization of $578.43 million, a PE ratio of -4.80 and a beta of 2.02. The company’s fifty day moving average is $12.08 and its 200-day moving average is $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.