Goldman Sachs Starts Olema Pharmaceuticals (OLMA ) at Buy, 'Best-in-Class Potential in Large BC Market'

Goldman Sachs analyst Richard Law initiates coverage on Olema Pharmaceuticals (NASDAQ: OLMA ) with a Buy rating and a price target of $24.00.

The analyst comments "Palazestrant’s Impressive WT Data Moved it Closer to Best-in-Class Status but Many Challenges Await: We are initiating coverage on Olema (OLMA) with a Buy rating and a $24 price target. OLMA’s lead asset, palazestrant, is a CERAN/SERD that is being developed for advanced/metastatic ER+/HER2- breast cancer with TAM of ~200K patients US/EU. OLMA’s Ph. 2 late line mono data showed impressive efficacy even in the elusive ESR1-WT population. While the mESR1 data look in-line with competitors, the ESR1-WT data are arguably the best-in-class. Applying statistical adjustments on Ph. 2 results using EMERALD learnings for Ph. 3 OPERA-1 in 2-3L showed palazestrant could achieve approval in both mESR1 and ESR1-WT, although we are less confident on why it is able to succeed in ESR1-WT while others with similar MOA could not. Our Buy rating is driven by pala’s best-in-class potential in a large ER+/HER2- breast cancer market and the possibility of OLMA securing a large biopharma partnership deal (OLMA announced as priority in 2024) that could bring additional value to the stock."

For an analyst ratings summary and ratings history on Olema Pharmaceuticals click here. For more ratings news on Olema Pharmaceuticals click here.

Shares of Olema Pharmaceuticals closed at $10.89 yesterday.

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