Jefferies analyst Dennis Ding assumes coverage on Olema Pharmaceuticals (NASDAQ: OLMA) with a Buy rating and a price target of $40.00 (from $43.00).

The analyst comments: "OLMA is a high quality oncology company in multiple Phase III breast cancer studies for its potent oral CERAN + KAT6 pipeline optionality. OLMA is in a good position having partnered w/ arguably the best CDK4/6 but also w/ CDK4, PI3K, and mTOR, to capture the broadest areas within breast cancer. Phase III OPERA-01 should work in the Fall and we're confident palazestrant can demonstrate 2mo+ PFS delta in ESR1m. This should support at least $500M peak sales and there's a reasonable chance it shows a benefit in wild-type too which isn't priced into current $1B valuation. 1L combo is still in play despite persevERA failing pending OLMA's Phase III OPERA-02 in 2028."

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 $14.57 yesterday.