OLMA - As Olema falls 60% following data confusion Street analysts remain bullish

Although shares of Olema Pharmaceuticals (NASDAQ:OLMA) fell 60% in trading today, two Street analysts remain bullish on the company's prospects. The plunge was precipitated by what Olema called a "falsified poster" released on social media yesterday afternoon dealing with early-stage data on its breast cancer candidate OP-1250. Early this morning, Olema released the data in patients with advanced ER+/HER2- breast cancer. Jefferies analyst Michael Yee, who has a buy rating and $55 price target on shares, wrote that the data looks "fundamentally good," adding, "we'd be buyers especially given we now have data in hand -- and the tough market and pullback presents a buying opportunity." JP Morgan's Anupam Rama said that the stock plunge is "unwarranted given the totality of the data and the emerging clinical profile at the RP2D dose ranges for OP-1250." Check out what Jefferies' Yee had to say about Olema last month.

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As Olema falls 60% following data confusion, Street analysts remain bullish