Oppenheimer reiterates Buy on Olema, sees evERA readthrough to persevERA

Oppenheimer analyst Matthew Biegler notes that Olema (OLMA) shares are up today, likely on news that Roche’s (RHHBY) evERA trial was a success. “No, that’s not the trial we’ve all been waiting for,” the firm says, but there may be some read-through. Most notably, Roche said that evERA hit in the intent-to-treat population, which means that giredestrant must have performed decently well in wild-type patients. That’s important for persevERA, Oppenheimer says. For that trial to work, giredestrant has to hold off the aromatase inhibitor long enough for patients to develop an ESR1 mutation – where it should have an advantage. Apparently, persevERA is being pushed back until Q1 2026, “so at least now you’ve got more time to do your homework on this potentially seismic readout,” adds the firm. Oppenheimer reiterates Buy rating on Olema with a price target of $22.