Olema updated palazestrant combination trial, says Oppenheimer

Oppenheimer analyst Matthew Biegler says Olema Oncology (OLMA) published a revised corporate deck today which included an update from the palazestrant plus ribociclib combination trial. The median median progression-free survival was 13.1 months, which represents somewhere between a doubling and tripling, based on comps, of what is expected out of an oral selective estrogen receptor degraders combined with a CDK4/6 inhibitor, the analyst tells investors in a research note. The firm thinks the trial opens up the possibility of using palazestrant plus ribociclib in the second-line HR-positive breast cancer setting. Opco continues to see Olema shares as trading at a “steep discount to fair value.” It reiterates an Outperform rating with a $30 price target