Olema Oncology price target raised to $45 from $22 at Oppenheimer

Oppenheimer raised the firm’s price target on Olema Oncology to $45 from $22 and keeps an Outperform rating on the shares. The firm notes Olema (OLMA) shares are reacting pre-market to the news that Roche’s (RHHBY) lidERA trial hit on DFS in early-breast cancer. It’s the first trial ever to show a clinical benefit head-to-head against an aromatase inhibitor. Oppenheimer says it was not expecting this readout as the entire narrative has been around Roche’s evERA and persevERA trials. Nonetheless, the data are a welcome surprise, it adds. Early breast cancer is a multi-billion-dollar market, and one the firm did not have in its model. These data also incrementally derisk persevERA, which is testing oral SERDS against aromatase inhibitors in the frontline metastatic setting, Oppenheimer adds.