Feb. 19 at 3:52 PM
$OLMA Unexpected Success.
The potential for this success wasn't on his radar, Biegler said. Investors have been more closely watching Roche's evERA and persevERA studies. These are investigating giredestrant as a treatment for another form of breast cancer.
"Nonetheless, the data are a welcome surprise," he said. "Early (i.e. pre-metastatic) breast cancer is a multibillion dollar market, and one we did not have in our model."
In the Roche study, giredestrant recipients showed superior invasive disease-free survival compared to those given an aromatase inhibitor. Invasive disease-free survival measures how long a patient lives without new, invasive cancer occurrence after treatment.
Olema Pharma's palazestrant is another oral SERD drug. Biegler now sees a 75% chance of success for the Olema drug, up from 50%. He also hiked his price target on the biotech stock to 45 from 22.
