Olema Oncology initiated with a Buy at Citi

Citi analyst Yigal Nochomovitz initiated coverage of Olema Oncology with a Buy rating and $20 price target. The stock rallied 450% in 2023 as a series of positive updates put palazestrant “on the map as a strong contender in the next-gen endocrine therapy development landscape,” the analyst tells investors in a research note. The firm believes palazestrant has emerged as a “highly promising” with opportunities across multiple lines of breast cancer. Citi says a business development deal represents a potential near- to mid-term catalyst for the shares.