Olema (OLMA) Hits 4-Year High as Jefferies Hikes PT

We recently published 10 Stocks Boasting the Biggest Gains; 4 Hit Record Highs. Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) is one of the best performers on Wednesday.

Olema bounced back on Wednesday to hit a new four-year high as investors took heart from an investment firm’s higher price target for its stock.

At intra-day trading, Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) soared to its highest price of $30.97 before trimming gains to finish the day just up by 15.43 percent at $30.68 apiece.

Olema (OLMA) Hits 4-Year High as Jefferies Hikes PT

In a market report, Jefferies raised its price target for the company to $43 from $30 previously, marking a 40 percent upside potential from its latest closing price.

The upgrade reflected the investment firm’s confidence in oral Selective Estrogen Receptor Degrader (SERD), supported by Roche’s encouraging results from the phase 3 trial of giredestrant in the treatment of breast cancer.

Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) is also underway with the clinical trial for its own breast cancer therapy called palazestrant.

According to Jefferies, the strong performance of next-generation oral SERDs as compared with standard endocrine therapy continues to validate the entire drug class, adding that such results would bode well for upcoming first-line treatment trials and potentially reduce risk in a market with an estimated $10 billion revenue opportunity.

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