Sep. 3 at 7:53 PM
Oppenheimer reiterated
$OLMA Outperform-
$22 and said that It Thinks a Bidding War is a Real Possibility if
$RHHBY's PersevERA trial—Expected Any Day—Reads Out Positively.
$PFE $NVS $RHHBY AZN LLY
$XBI
Oppenheimer said in its note: We had a chance to speak with Olema management after yesterday's announcement that Pfizer will test its next-generation CDK4-selective drug atirmociclib in a Phase 1b/2 combination trial with Olema's palazestrant.
$OLMA shares have gained 15% (vs.
$XBI 2%) since the news, so investors clearly aren't viewing this as typical run-of-the-mill research collaboration. To us, it is more strategic.
Alongside the palazestrant + ribociclib combination (i.e., OPERA-02) with Novartis, Olema now has two of the big three players in HR-positive breast cancer with a seat at the data table-which under ideal circumstances may set the scene for a future bidding war. We think that's a real possibility if Roche's PersevERA trial—expected any day—reads out positively.
