Olema Pharmaceuticals (NASDAQ:OLMA) Stock Price Down 5.4% - Should You Sell?

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA - Get Free Report) shares dropped 5.4% during trading on Wednesday . The company traded as low as $4.83 and last traded at $4.94. Approximately 1,177,393 shares traded hands during mid-day trading, a decline of 4% from the average daily volume of 1,220,685 shares. The stock had previously closed at $5.22.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a "buy" rating and issued a $30.00 price objective on shares of Olema Pharmaceuticals in a report on Wednesday, December 11th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $28.75.

Olema Pharmaceuticals Stock Up 2.9 %

The firm's fifty day moving average is $6.01 and its two-hundred day moving average is $9.74.

Insider Buying and Selling

In other news, CEO Sean Bohen sold 52,328 shares of the firm's stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $9.37, for a total transaction of $490,313.36. Following the transaction, the chief executive officer now directly owns 298,836 shares of the company's stock, valued at approximately $2,800,093.32. This trade represents a 14.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Bain Capital Life Sciences Inv bought 300,000 shares of Olema Pharmaceuticals stock in a transaction dated Wednesday, January 8th. The shares were bought at an average cost of $5.76 per share, for a total transaction of $1,728,000.00. Following the completion of the transaction, the insider now owns 7,800,000 shares of the company's stock, valued at approximately $44,928,000. This trade represents a 4.00 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders sold 773,797 shares of company stock valued at $5,414,609. Company insiders own 19.40% of the company's stock.

Hedge Funds Weigh In On Olema Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the company. KLP Kapitalforvaltning AS acquired a new position in Olema Pharmaceuticals during the fourth quarter valued at $30,000. Hsbc Holdings PLC acquired a new position in shares of Olema Pharmaceuticals during the 4th quarter worth about $58,000. Teacher Retirement System of Texas purchased a new stake in Olema Pharmaceuticals during the 4th quarter valued at about $60,000. Vontobel Holding Ltd. purchased a new stake in Olema Pharmaceuticals during the 4th quarter valued at about $62,000. Finally, Virtus ETF Advisers LLC grew its stake in shares of Olema Pharmaceuticals by 43.1% in the 4th quarter. Virtus ETF Advisers LLC now owns 10,579 shares of the company's stock valued at $62,000 after buying an additional 3,185 shares during the period. 91.78% of the stock is owned by hedge funds and other institutional investors.

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.