Olema Pharmaceuticals (OLMA – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst on March 5. Analyst Sam Slutsky from LifeSci Capital maintained a Buy rating on the stock and has a $29.00 price target.
Sam Slutsky’s rating is based on Olema Pharmaceuticals’ promising clinical trial results and competitive positioning in the treatment of advanced ER+ breast cancer. The updated data from their Phase 1b/2 study demonstrated a median progression-free survival (mPFS) of 13.8 months among patients treated with palazestrant and ribociclib, which is notably higher than the benchmarks set by other therapies in similar settings.
Furthermore, the combination therapy has shown efficacy in a diverse patient population, including those heavily pretreated and those with ESR1 mutations. This strong clinical performance, coupled with Olema’s strategic focus on developing innovative treatments for breast cancer, supports the Buy rating. Additionally, the company’s financial health, with a cash runway of approximately three years, provides a stable foundation for continued research and development efforts.
In another report released on March 5, Oppenheimer also reiterated a Buy rating on the stock with a $30.00 price target.
Based on the recent corporate insider activity of 28 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of OLMA in relation to earlier this year.