AstraZeneca data ‘positive’ for Olema’s palazestrant, says H.C. Wainwright

AstraZeneca (AZN) shared positive interim data from the ongoing SERENA-6 Phase 3 trail evaluating camizestrant and CDK4/6 inhibitors as a first-line treatment for advanced HR+/HER2- breast cancer with estrogen receptor 1 tumor mutations, demonstrating highly statistically significant and clinically meaningful improvement in the study’s primary endpoint, H.C. Wainwright analyst Emily Bodnar tells investors. The firm believes the news is positive for Olema’s (OLMA) palazestrant which is the only oral selective estrogen receptor degrader in development which has shown efficacy in both ESR1 mutant and wild-type patients, with a Phase 3 1L study set to initiate in mid-2025 evaluating palazestrant and ribociclib. H.C. Wainwright has a Buy rating and $30 price target on Olema shares.