Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) director Cyrus Harmon has sold a total of 15,000 shares of the company's common stock, according to a recent SEC filing. The transaction, dated April 30, 2024, fetched a total of $142,650, with shares sold at an average price of $9.51 each. The sale was conducted under a prearranged 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for buying or selling securities and is typically used to avoid accusations of insider trading.
The range of prices at which the shares were sold varied from $9.20 to $9.91, as per the additional details provided in the footnotes of the filing. These footnotes also clarified that upon request, full information regarding the number of shares sold at each separate price will be made available to the SEC staff, the issuer, or any security holder of the issuer.
Following the sale, Harmon still holds a significant stake in Olema Pharmaceuticals with 811,283 shares of common stock remaining in his direct ownership. Additionally, Harmon is associated with Harmon Family Investors LLC, which holds 122,028 shares indirectly, affirming his continued investment in the company.
The filing was signed on behalf of Harmon by Shane Kovacs, who is acting as Attorney-in-Fact. This sale comes at a time when Olema Pharmaceuticals, a company specializing in pharmaceutical preparations, continues to navigate the highly competitive and dynamic biotech industry. Investors often keep a close eye on insider transactions as they can provide insights into the company's performance and the confidence level of its top executives and directors in the firm's prospects.
InvestingPro Insights
Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) director's recent sale of shares coincides with a period of notable volatility and performance in the company's stock. According to InvestingPro data, Olema Pharmaceuticals holds a market capitalization of $563.25 million, with a negative price-to-earnings (P/E) ratio of -4.68, reflecting the company's current lack of profitability. The adjusted P/E ratio for the last twelve months as of Q4 2023 stands at -5.83, further emphasizing challenges in generating net income.
The stock has experienced a significant return over the past year, with a 90.13% price total return, despite a negative year-to-date performance showing a -25.87% return. This highlights the stock's volatility, which is also captured by a 56.6% price as a percentage of its 52-week high.
InvestingPro Tips for Olema Pharmaceuticals suggest that while the company holds more cash than debt, indicating a strong balance sheet, it suffers from weak gross profit margins and is not expected to be profitable this year. In addition, the company's stock price movements are quite volatile, a factor that investors should consider when assessing the company's outlook. For those interested in a deeper analysis, there are additional InvestingPro Tips available, providing a comprehensive view of Olema Pharmaceuticals' financial health and stock performance. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
For more detailed analysis and further tips, including insights on the company's liquid assets and short-term obligations, investors are encouraged to explore InvestingPro. There, users can find a total of 9 InvestingPro Tips that can offer more nuanced guidance on Olema Pharmaceuticals' financial position and future prospects.
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