H.C. Wainwright reiterates Buy rating on Olema Pharmaceuticals stock

Investing.com - H.C. Wainwright has reiterated its Buy rating and $28.00 price target on Olema Pharmaceuticals (NASDAQ:OLMA) following the company’s announcement of a clinical trial agreement with Pfizer. The stock has shown strong momentum, gaining over 53% in the past six months, with analysts maintaining a strong buy consensus and price targets ranging from $18 to $30.

Olema announced on September 2 that it established the agreement with Pfizer to explore the combination of palazestrant with atirmociclib for treating ER+/HER2- metastatic breast cancer. The Phase 1b/2 dose escalation study is expected to begin in the second half of 2025. According to InvestingPro data, the company maintains a strong financial position with more cash than debt and a healthy current ratio of 11.09.

The trial will evaluate the safety and efficacy of 60 or 90 mg QD palazestrant combined with 300 mg BID atirmociclib in approximately 35 patients. Atirmociclib is Pfizer’s investigational next-generation CDK4-selective inhibitor designed to reduce common side effects associated with CDK4/6 inhibitors.

Under the agreement terms, Pfizer will supply atirmociclib while Olema will lead and conduct the study. All clinical data and intellectual property generated will be jointly owned, with Olema retaining full global rights to palazestrant.

This marks the second clinical trial agreement between Olema and Pfizer, expanding the pipeline of combination trials for palazestrant, Olema’s oral selective estrogen receptor degrader (SERD). InvestingPro subscribers can access 13 additional key insights about Olema’s financial health and market performance, helping investors make more informed decisions about this developing story.

In other recent news, Olema Pharmaceuticals Inc has entered into a clinical trial collaboration and supply agreement with Pfizer Inc. This partnership aims to evaluate a combination therapy for metastatic breast cancer. The agreement will specifically test the safety and effectiveness of Olema’s palazestrant in combination with Pfizer’s investigational CDK4 inhibitor, atirmociclib, in patients with estrogen receptor-positive, human epidermal growth factor receptor 2-negative (ER+/HER2-) metastatic breast cancer. This development marks a significant step for Olema in expanding its clinical research efforts. The collaboration with Pfizer could potentially enhance treatment options for patients with this type of cancer. Such partnerships are often crucial for advancing therapeutic innovations in the healthcare sector. Investors may find this collaboration noteworthy as it aligns with ongoing efforts to develop more effective cancer treatments.

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