Oppenheimer bullish on Olema Oncology, likes financial deal

Oppenheimer notes that Olema announced a $130M financing with a syndicate of dedicated healthcare investors. Strategically, the firm likes the deal a lot as it could fund development of OP-1250 through the pivotal OPERA-01 trial. It also thinks the deal should be good for the shares. Oppenheimer confirmed with management that investors had a peek at OP-1250’s ESMO data under CDA and are now under lockup. Clearly, they liked what they saw, the firm says. Recall, OP-1250’s complete Phase 2 data will be featured October 22nd in an oral presentation at ESMO. Oppenheimer believes the data will reinforce the fact that OP-1250 can work in both ESR1-mutant and wild-type patients-a major point of differentiation from competitors. The firm reiterates an Outperform rating on the shares with a price target of $21.