TD Cowen analyst Tyler Van Buren has maintained their bullish stance on OLMA stock, giving a Buy rating on March 19.
Tyler Van Buren’s rating is based on several promising developments in Olema Pharmaceuticals’ clinical trials. The updated Phase II data for the combination of palazestrant and ribociclib (pala+ribo) demonstrated a median progression-free survival (mPFS) of 13.1 months in patients who had previously received CDK4/6 inhibitors, which is significantly longer than results from comparable trials. This data suggests a strong potential for the combination therapy in treating ER+/HER2- metastatic breast cancer, providing a competitive edge over existing treatments.
Additionally, Olema’s plans to initiate a Phase III trial for the pala+ribo combination in first-line patients later this year further supports the Buy rating. Despite some market concerns due to disappointing results from other companies’ SERD trials, Olema’s management remains confident in their drug’s superior pharmacokinetics and targeting capabilities. These factors collectively contribute to Van Buren’s positive outlook on Olema’s stock.
In another report released on March 19, H.C. Wainwright also maintained a Buy rating on the stock with a $30.00 price target.
Based on the recent corporate insider activity of 27 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of OLMA in relation to earlier this year.