Olema Pharmaceuticals, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Emily Bodnar from H.C. Wainwright maintained a Buy rating on the stock and has a $28.00 price target.
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Emily Bodnar’s rating is based on the promising data from Olema Pharmaceuticals’ ongoing clinical trials. The combination of palazestrant and ribociclib has shown a median progression-free survival (mPFS) of over 13 months in first-line and experienced patients, which is notably higher than the 8-9 months observed in similar studies by competitors. This suggests a potentially best-in-class efficacy for this drug combination, particularly in patients with ESR1 mutations and wild-type ESR1.
Furthermore, the upcoming initiation of the OPERA-02 Phase 3 trial, which will compare this combination to the standard of care, is a significant milestone. The trial, supported by a collaboration with Novartis, aims to enroll around 1,000 patients and could further validate the efficacy of Olema’s treatment. The strategic partnership with Novartis, which includes a potential negotiation for further collaboration, adds an additional layer of confidence in the company’s future prospects. These factors collectively contribute to the Buy rating assigned by Emily Bodnar.
According to TipRanks, Bodnar is an analyst with an average return of -6.1% and a 27.06% success rate. Bodnar covers the Healthcare sector, focusing on stocks such as Olema Pharmaceuticals, Agenus, and NovoCure.
In another report released today, Citi also maintained a Buy rating on the stock with a $21.00 price target.