Olema Pharmaceuticals, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Sam Slutsky from LifeSci Capital maintained a Buy rating on the stock and has a $39.00 price target.
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Sam Slutsky has given his Buy rating due to a combination of factors including the positive topline results from Roche’s Phase 3 lidERA trial, which tested their oral SERD, giredestrant, against standard endocrine therapy for early-stage ER+ breast cancer patients. The promising outcomes of this trial suggest a favorable readthrough for Olema’s OPERA-02 study, which is also investigating an oral SERD in combination with a CDK4/6 inhibitor in a similar patient population.
Slutsky believes that the success of Roche’s trial provides a strong indication that Olema’s approach could also yield positive results, particularly in the first-line advanced/metastatic ER+ breast cancer setting. The analyst highlights that the majority of patients in these trials are ESR1 wild-type, which aligns with the patient demographics in Olema’s study, further supporting the potential for successful outcomes. Additionally, the positive trend observed in overall survival, despite immature data, adds to the optimism surrounding Olema’s prospects.
Slutsky covers the Healthcare sector, focusing on stocks such as Palvella Therapeutics, Cogent Biosciences, and Celldex. According to TipRanks, Slutsky has an average return of 29.9% and a 48.46% success rate on recommended stocks.
In another report released today, J.P. Morgan also maintained a Buy rating on the stock with a $32.00 price target.