Olema Pharmaceuticals (OLMA) PT Raised to $30 at H.C. Wainwright

H.C. Wainwright analyst Emily Bodnar raised the price target on Olema Pharmaceuticals (NASDAQ: OLMA) to $30.00 (from $28.00) while maintaining a Buy rating.

The analyst commented: "Olema announced updated data on May 15 from the palazestrant + ribociclib Phase 1b/2 clinical study in patients with ER+/HER2- metastatic breast cancer which will be presented at ESMO Breast tomorrow. This study has completed enrollment of a total of 60 patients across doses of 30 mg (n=3), 60 mg (n=3), and 120 mg (n=54). The update this morning focused on 50 patients with 44 patients treated at the RP2D of 120 mg who had at least 4 weeks of follow-up and the data cut-off was March 13. Majority of patients were 2L/3L, with 70% having progressed on CDK4/6 inhibitors (n=20 palbo, n=3 abema, and n=1 ribo). Importantly, paralazestrant did not impact ribo exposure and ribo had no clinically meaningful effect on palazestrant exposure. This is noteworthy as other oral SERDs have had changes in exposure when combining with CDK4/6 inhibitors, resulting in a need to dose reduce the oral SERD and/or CDK4/6 inhibitor. The update included 13 patients who were CBR evaluable, meaning they had a PR, CR, or SD for at least 24 weeks. The total CBR was 85% (11/13), in ESR1 mutant patients was 83% (5/6), in ESR1 wild-type."

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