H.C. Wainwright raised the firm’s price target on Olema Oncology to $28 from $22 and keeps a Buy rating on the shares after having updated the firm’s model to account for the $130M equity raise and $50M credit facility and lowering the firm’s operating expense estimates for 2024 and 2025 based on company guidance of having a cash runway into 2027. In addition, the firm notes that Olema has listed the pivotal Phase 3 study evaluating OP-1250 as a monotherapy for second-to-third-line ER+/HER2- breast cancer, OPERA-01, on clinicaltrials.gov. Olema’s combined financing of equity and debt totaling $180M in proceeds that was announced this morning will be sufficient to complete the OPERA-01 pivotal study and ongoing Phase 2 combination studies, the analyst tells investors.
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