Olema Pharmaceuticals (OLMA – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst William Maughan from Canaccord Genuity remains neutral on the stock and has a $22.00 price target.
William Maughan’s Buy rating for Olema Pharmaceuticals is influenced by several key factors. Firstly, the company’s Palazestrant drug has shown promising results in its phase 2 monotherapy data, particularly for advanced or metastatic HR+/HER2- breast cancer. This positivity is reflected in the market as Olema’s shares have moved up. The data builds on previous interim data, aligning with both preclinical data and the management’s messaging that the drug could potentially be best in class. Furthermore, issues such as neutropenia rates remain manageable and reversible.
Secondly, the efficacy of the drug in ESR1-mutant patients has been favorably compared, and there is also efficacy in ESR1-wt patients, making it distinct from its closest competitor. The consistency and breadth of the growing data package have prompted Maughan to increase the likelihood of the drug’s success from 20% to 30%. As a result, the price target has been raised to $22 from the previous $16. Moreover, Maughan expects the updates from ribo and palbo combinations to continue to meet expectations, which should lead to an inflection as Palazestrant begins its pivotal OPERA-1 in 3L. Lastly, the tolerability of the drug remains manageable, further supporting the Buy rating.
According to TipRanks, Maughan is an analyst with an average return of -19.3% and a 30.56% success rate. Maughan covers the Healthcare sector, focusing on stocks such as BioNTech SE, Harpoon Therapeutics, and Delcath Systems.
In another report released yesterday, H.C. Wainwright also maintained a Buy rating on the stock with a $28.00 price target.
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Olema Pharmaceuticals (OLMA) Company Description:
Olema Pharmaceuticals inc is a clinical-stage biopharmaceutical company. It is focused on the discovery, development, and commercialization of next generation targeted therapies for women’s cancers. Its therapies offer the potential to improve outcomes for women living with cancer. The company has completed discovery and preclinical studies of OP-1250.
Read More on OLMA:
- Olema Oncology Announces Positive Phase 2 Monotherapy Clinical Study Results for Palazestrant
- Olema Oncology appoints Garland to board of directors
- Olema Oncology Appoints Oncology Biotech Executive Scott Garland to Board of Directors
- Olema Oncology Announces Phase 2 Monotherapy Clinical Results to be Presented at the 2023 ESMO Congress
- Olema Oncology KAT6 inhibitor compounds demonstrate anti-tumor activity
