Olema Pharmaceuticals Shares Drop After AstraZeneca Trial Fails to Meet Primary Endpoint
Shares of Olema Pharmaceuticals (NASDAQ:OLMA) fell by 15.1% in pre-market trading following disappointing results from AstraZeneca's Phase 3 SERENA-4 trial for camizestrant, which failed to show a statistically significant improvement in progression-free survival as a first-line treatment for advanced breast cancer. Investors are now evaluating the implications of this result on Olema’s lead drug candidate, palazestrant (OP-1250), currently under evaluation in its Phase 3 OPERA-01 trial. Although camizestrant and palazestrant share similar mechanisms as SERDs/CERANs, AstraZeneca's results do not directly determine Olema’s clinical outcomes. Stifel responded by lowering its price target for Olema from $48 to $30 while maintaining a 'Buy' rating. The broader US market also saw declines during the session.
Topics: breast_cancer_treatment pharmaceuticals stock_movement