Olema Oncology initiated with an Outperform at Credit Suisse

Credit Suisse analyst Richard Law initiated coverage of Olema Oncology with an Outperform rating and $12 price target. The firm notes Olema’s lead asset, OP-1250, is a CERAN — complete estrogen receptor antagonist/SERD — selective estrogen receptor degrader — being developed for ER+/HER2- breast cancer. From the limited Phase 1 data so far, Credit Suisse believes OP-1250 has the potential to succeed. In addition, camizestrant’s unique bradycardia and ocular toxicity and ARV-471’s recent drug-drug interaction findings further improved OP-1250’s prospect at achieving best-in-class status, in the firm’s view. Although OP-1250 is behind in development against its main competitors, Credit Suisse believes the market size is large enough to accommodate multiple assets.