NEW YORK, Dec. 27, 2025, 8:26 PM ET — Market closed
Olema Pharmaceuticals, Inc. (NASDAQ: OLMA) is heading into the weekend with investors weighing a sharp Friday pullback against a still-staggering multi-month run, a cluster of insider-trading filings, and a set of analyst price targets that continue to imply significant upside—if Olema’s late-stage breast cancer program delivers on its timeline.
With U.S. equity markets closed Saturday and Sunday, the next meaningful price discovery for OLMA will come when regular trading resumes Monday, Dec. 29, at 9:30 a.m. ET. [1]
OLMA stock price today: where Olema closed, and what the tape looked like
Olema shares last traded at $26.23 (Friday’s close), after a $1.25 decline versus the prior close (about -4.6%). Friday’s session printed an intraday range of roughly $26.15 to $27.19 on about 828,000 shares of volume, according to market data.
After Friday’s close, OLMA also saw modest after-hours activity, with some data services indicating shares changed hands around $26.57 in extended trading. [2]
The broader market backdrop: thin year-end trading and “Santa Claus rally” conditions
OLMA’s move into the weekend comes as U.S. stocks have been trading in a holiday-shortened, low-liquidity environment. On Friday, major U.S. indexes finished near record levels but slightly lower, with Reuters citing light post-holiday volume and “few catalysts.” [3]
That year-end context matters for smaller and mid-cap biotechs like Olema: thinner trading can magnify swings, and portfolio rebalancing can create sharp moves that aren’t always tied to fresh company news. Reuters’ Ryan Detrick of Carson Group framed the broader tape this way: “We had a very strong five-day rally, so… we’re just catching our breath today.” [4]
What’s new in the last 24–48 hours for Olema?
As of this weekend timestamp, there has not been a major, widely circulated company press release from Olema dated within the last 24–48 hours. Instead, investors appear to be digesting a combination of:
- recent insider transaction disclosures filed earlier in the week,
- analyst target updates from mid-December, and
- the company’s late-stage clinical timelines and capital position.
The most concrete “hard” developments in the recent news cycle are the insider Form 4 filings and the ongoing debate about valuation after OLMA’s explosive six-month run. [5]
The six-month surge: OLMA has been one of the market’s biggest winners
Even after Friday’s drop, OLMA remains one of 2025’s standout momentum names in biotech. TipRanks’ “6 Month Gainers” list (dated Dec. 26, 2025) shows Olema Pharmaceuticals up 467.75% over the past six months, placing it among the top gainers in the U.S. market for that time window. [6]
That kind of move tends to raise the stakes: expectations rise, valuation becomes more sensitive to trial timelines, and insider transactions draw more attention than they would for a slower-moving stock.
Insider selling and option exercises: what the SEC filings show
A major talking point for OLMA investors lately has been insider activity. Importantly, multiple filings indicate trades were made under Rule 10b5-1 plans (the forms include the checkbox indicating a pre-arranged trading plan), which can reduce the informational value versus discretionary, spur-of-the-moment selling—though markets still react to the headline numbers. [7]
Chair/director Ian T. Clark: sales totaling 264,800 shares
A Form 4 shows Ian T. Clark (identified as a director and 10% owner in the filing) conducted a series of transactions dated Dec. 19, 2025, including sales totaling 264,800 shares at weighted-average prices around the high-$20s to low-$30s, ending with 0 shares directly owned after the reported sales. [8]
MarketBeat summarized the same filing as a roughly $7.87 million sale at an average price near $29.73. [9]
Chief Medical Officer Naseem Zojwalla: sales totaling 269,509 shares across multiple days
Olema’s Chief Medical Officer, Naseem Zojwalla, also filed a Form 4 covering transactions dated Dec. 19, Dec. 22, and Dec. 23, 2025. The filing shows multiple option exercises and sales totaling 269,509 shares (broken out as 57,079; 12,921; 100,000; and 99,509 shares) at weighted-average sale prices around $27.66 to $28.93, with 4,488 shares remaining directly owned after the reported transactions. [10]
Officer David C. Myles: sales totaling 51,000 shares plus a 9,000-share gift
A separate Form 4 for David C. Myles (listed as Chief Discovery & Non-Clinical Development Officer) shows sales totaling 51,000 shares on Dec. 19, 2025 at weighted-average prices around $28.08, $30.40, and $31.39, and also reports a 9,000-share gift transaction. [11]
Analyst forecasts and price targets: what Wall Street is modeling now
Despite the recent volatility—and the spotlight on insider transactions—sell-side sentiment tracked by major aggregators remains broadly constructive.
Benzinga’s analyst compilation lists a consensus “Buy” stance with a consensus price target of $37.29, while also noting the highest target at $60 (Citigroup, dated Dec. 12, 2025) and the most recent target changes from Citigroup, Oppenheimer, and Goldman Sachs in mid-December. [12]
Some of the specific, most-recent calls highlighted by Benzinga include:
- Citigroup (Yigal Nochomovitz): Buy, target $60 (Dec. 12, 2025) [13]
- Oppenheimer (Matthew Biegler): Outperform, target raised to $48 (Dec. 11, 2025) [14]
- Goldman Sachs (Richard Law): Buy, target raised to $38 (Dec. 11, 2025) [15]
- H.C. Wainwright (Emily Bodnar): Buy, target $45 (Dec. 11, 2025) [16]
MarketBeat, using a different analyst set, shows a higher consensus target of $40.50 and describes coverage as “Moderate Buy,” while also flagging a wide target range and the reality that Olema is still a clinical-stage company. [17]
Why the spread? Different aggregators include different banks, different “freshness” windows, and sometimes different ways of averaging targets. For investors, the practical takeaway is that OLMA remains a stock with a high dispersion of outcomes—and the Street’s upside cases generally require successful Phase 3 execution.
The fundamental story: palazestrant Phase 3 trials and a 2026 catalyst calendar
Olema’s valuation debate still revolves around its pipeline—especially palazestrant (OP-1250), an oral endocrine therapy candidate designed as a complete estrogen receptor antagonist and selective ER degrader.
In its third-quarter update (filed as an SEC exhibit dated Nov. 10, 2025), Olema said it ended Q3 with $329.0 million in cash, cash equivalents, and marketable securities, while highlighting progress across late-stage trials and earlier-stage programs. [18]
Chief Executive Officer Sean P. Bohen, M.D., Ph.D. said the company made “significant progress,” pointing to the initiation of the Phase 3 OPERA-02 trial and positioning palazestrant as a potential “backbone endocrine therapy” in ER+/HER2- metastatic breast cancer. [19]
Key timelines investors are tracking
From that same SEC-filed update, Olema outlined several time-based catalysts that matter for how the stock trades into 2026:
- OPERA-01 (Phase 3 palazestrant monotherapy): Olema stated it remains on track to report top-line data in the second half of 2026. [20]
- OP-3136 (KAT6 inhibitor): Olema said it expects initial clinical results in mid-2026. [21]
- OPERA-02 (Phase 3 palazestrant + ribociclib): highlighted as a major late-stage program, with trial communications and scientific presentations ongoing. [22]
Palazestrant also carries FDA Fast Track designation in a defined metastatic breast cancer setting, according to Olema’s filing. [23]
Capital and dilution: the November follow-on offering investors shouldn’t ignore
One reason OLMA can fund a broad clinical program is that it has raised substantial cash. After quarter-end, Olema completed an underwritten public offering, selling 11.5 million shares (including underwriters’ option) at $19.00 per share for approximately $218.5 million in gross proceeds, per a November press release carried by StockTitan. [24]
This kind of financing can be a double-edged sword for shareholders:
- It can extend runway and fund Phase 3 execution.
- But it can also increase share count and create a valuation “gravity” effect unless clinical progress supports a higher enterprise value.
What investors should know before Monday’s session
With the market closed until Monday morning, OLMA investors are largely in “setup” mode—planning for potential volatility rather than reacting to fresh prints. Here are the most practical items to watch before the opening bell:
- Watch for year-end volatility and macro catalysts
Reuters notes year-end portfolio adjustments and light trading volume can exaggerate moves, and points to upcoming Fed-related events (including minutes) as potential market drivers. Paul Nolte of Murphy & Sylvest told Reuters, “Momentum is certainly on the side of the bulls,” but emphasized that shocks can still change the tone quickly. [25] - Track whether biotech ETFs stabilize or slide
Biotech ETFs can influence risk appetite for development-stage names. For example, the SPDR S&P Biotech ETF (XBI) was down at the Dec. 26 close, reflecting a softer biotech tape into the weekend. [26] - Know what “catalyst risk” means for OLMA specifically
Olema’s own disclosed timeline puts several pivotal readouts in mid-2026 and the second half of 2026. That can create “air pockets” where the stock trades more on sentiment, positioning, and sector flows—until the next major data point approaches. [27] - Keep insider selling in context—especially 10b5-1 plans
The recent Form 4s are real, detailed, and material in size—but they also indicate planned trading, and many transactions involve option exercises paired with sales. Markets can still react, but investors often differentiate between planned sales and surprise selling. [28] - Re-check analyst targets and “what must go right”
With published targets ranging as high as $60 and recent reiterations/raises in December, the bullish case is still alive—but it hinges on Phase 3 execution and eventual commercial viability. Consensus targets vary by data provider (Benzinga vs. MarketBeat), so it’s worth checking multiple sources before treating any single number as “the” forecast. [29]
U.S. markets reopen Monday at 9:30 a.m. ET, and—given OLMA’s recent run and the level of attention on insider filings—investors should be prepared for outsized moves on relatively small headlines and thin liquidity as 2025 winds down. [30]
References
1. www.nyse.com, 2. www.marketwatch.com, 3. www.reuters.com, 4. www.reuters.com, 5. www.sec.gov, 6. www.tipranks.com, 7. www.sec.gov, 8. www.sec.gov, 9. www.marketbeat.com, 10. www.sec.gov, 11. www.sec.gov, 12. www.benzinga.com, 13. www.benzinga.com, 14. www.benzinga.com, 15. www.benzinga.com, 16. www.benzinga.com, 17. www.marketbeat.com, 18. www.sec.gov, 19. www.sec.gov, 20. www.sec.gov, 21. www.sec.gov, 22. www.sec.gov, 23. www.sec.gov, 24. www.stocktitan.net, 25. www.reuters.com, 26. stockanalysis.com, 27. www.sec.gov, 28. www.sec.gov, 29. www.benzinga.com, 30. www.nyse.com
