Analyst Emily Bodnar of H.C. Wainwright maintained a Buy rating on Olema Pharmaceuticals, retaining the price target of $28.00.
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Emily Bodnar’s rating is based on the impressive efficacy data from Olema Pharmaceuticals’ Phase 1b/2 trial of palazestrant combined with ribociclib in patients with ER+/HER2- metastatic breast cancer. The trial demonstrated significant efficacy across all patient subgroups, including those with ESR1 wild-type tumors, a group where other treatments have struggled. The objective response rate among evaluable patients was notable, and the median progression-free survival in the 120 mg cohort showed improvement, indicating a competitive edge over existing treatments.
Furthermore, the safety profile of the palazestrant and ribociclib combination was consistent with known data, showing no new safety concerns or drug-drug interactions. The majority of adverse events were manageable, and the rate of severe adverse events was low. With a substantial number of patients still undergoing treatment and future data updates anticipated, the potential for palazestrant to offer a best-in-class profile remains promising, supporting the Buy rating.
In another report released yesterday, Oppenheimer also reiterated a Buy rating on the stock with a $22.00 price target.
Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of OLMA in relation to earlier this year.