H.C. Wainwright Backs Olema Pharmaceuticals (OLMA) as Phase 3 Trials Advance

H.C. Wainwright reiterated its Buy rating and $28 price target for Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) on May 29, following an update on the company continuing clinical trials.

On May 28, Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) announced that it had selected a 90 mg once-daily dosage of its medication, palazestrant, for the upcoming Phase 3 OPERA-02 combination trial with ribociclib, as well as the second phase of the Phase 3 OPERA-01 monotherapy trial. The 90 mg dosage was chosen since it aligns with FDA guidelines and may result in fewer gastrointestinal effects while preserving the medication’s effectiveness. According to H.C. Wainwright’s report, the pharmacological profile at the 90 mg dose is fairly comparable to that of the 120 mg dose, which was utilized more frequently in Phase 1/2 trials.

According to the announcement’s indications, the Phase 3 trial has at least the first 120 patients enrolled as of the update. Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) will present a trial-in-progress poster for the OPERA-01 protocol at the American Society of Clinical Oncology’s conference on June 2.

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Disclosure: None.