Sean Bohen, President and CEO of Olema Pharmaceuticals, Inc. (NASDAQ:OLMA), recently sold shares in the company totaling $986,365. The transactions were reported in a filing with the Securities and Exchange Commission. The sales come as the stock has declined 18% in the past week, though InvestingPro analysis suggests the company remains undervalued at its current $493.56 million market capitalization.
On December 10, Bohen sold 52,328 shares at an average price of $9.37. The sale continued on December 11, with an additional 55,907 shares sold at an average price of $8.66, followed by a smaller transaction of 1,267 shares at $9.39 per share.
These sales were conducted to cover tax obligations related to the vesting of performance-restricted stock units, as noted in the filing. Following these transactions, Bohen holds 241,662 shares of Olema Pharmaceuticals.
In other recent news, Olema Pharmaceuticals has been the subject of several analyst upgrades following the release of promising clinical and preclinical data. H.C. Wainwright has reaffirmed its Buy rating for the company, with a price target of $30.00, based on the latest study results. The company's Phase 1b/2 study of palazestrant combined with ribociclib for treating ER+/HER2- metastatic breast cancer (mBC) has fully enrolled 62 patients, providing promising data.
Additionally, Olema Pharmaceuticals' KAT6 inhibitor, OP-3136, has shown promising results in preclinical data, indicating increased inhibition of T47D breast cancer cells when combined with other cancer drugs. Notably, the combination of OP-3136 with ribociclib showed superior inhibition. TD Cowen reiterated a Buy rating, encouraged by the Clinical Benefit Rate of 78-79% from a Phase II trial involving palbociclib and ribociclib.
Jefferies also maintained a Buy rating, highlighting the potential of the company's KAT6 inhibitor, OP-3136. The firm expects OP-3136 to enter Phase 1 trials in early 2025. Goldman Sachs maintained its Buy rating on Olema Pharmaceuticals, following the presentation of preclinical data for OP-3136 at the EORTC-NCI-AACR Symposium. These are recent developments shaping the investor sentiment around Olema Pharmaceuticals.
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