H.C. Wainwright has reaffirmed a Buy rating and a $30.00 price target for Olema Pharmaceuticals (NASDAQ: OLMA), following a presentation of preclinical data at the EORTC-NCI-AACR Symposium.
The data included findings on the company's KAT6 inhibitor, OP-3136, used in various combinations for the treatment of HR+/HER2- breast cancer.
The presented data showed that OP-3136, when combined with fulvestrant, palazestrant, and/or CDK4/6 inhibitors like ribociclib, resulted in increased inhibition of T47D breast cancer cells.
Notably, the combination of OP-3136 with ribociclib demonstrated the greatest inhibition. Furthermore, a triple combination of OP-3136, palazestrant, and ribociclib showed superior inhibition compared to doublet combinations.
In a T47D cell line-derived xenograft model, tumor volume reduction was more significant when OP-3136 was combined with palazestrant compared to combinations with fulvestrant.
This finding suggests potential strategic advantages for Olema's internal pipeline combination strategies. Comparisons with Pfizer (NYSE:PFE)'s PF-07248144, which is also being studied but only in combination with fulvestrant, indicated that OP-3136 may offer superior single-agent activity and greater efficacy in combination therapies.
The same pattern of results was observed in a ST340 patient-derived xenograft model, where the triple combination therapy led to the most significant decline in tumor volume. These results could position OP-3136 as a more effective treatment option than PF-07248144.
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