Olema Oncology initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Olema Oncology with an Outperform rating and $21 price target. Orserdu”s strong commercial launch has “triggered a resurgence in enthusiasm” for oral selective estrogen receptor degraders, or SERDs, and the firm believes that Olema’s OP-1250 is better than rivals in the space, the analyst tells investors. While the firm acknowledges the question of whether or not oral SERDs can beat aromatase inhibitors in the frontline, it argues “it doesn’t matter,” because the late-line market is large enough for Olema shares to continue to benefit.