NVSEF - Olema Arvinas spike after analyst remarks on breast cancer drugs

2023-06-12 13:27:35 ET

Shares of clinical-stage biotechs Olema Pharmaceuticals ( NASDAQ: OLMA ) and Arvinas ( NASDAQ: ARVN ) rose on Monday as Wall Street reacted to comments from Jefferies and Oppenheimer on a class of breast cancer drugs called oral selective estrogen receptor degraders (SERD).

At Jefferies Healthcare Conference, where Olema ( OLMA ) was scheduled to present last week, the firm’s biotech analyst Michael Yee noted rising prescriptions for Orserd, a SERD developed by Italian biotech Menarini Group.

Noting that Orserdu, approved in January, generated an estimated $28M in sales in May compared to ~$20M in April, Yee reportedly said: “That’s really bullish for Olema.”

Olema’s ( OLMA ) only product candidate OP-1250 which acts as both a complete estrogen receptor antagonist (CERAN) and a SERD, is currently undergoing a mid-stage trial with Pfizer’s ( PFE ) CDK4/6 inhibitor Ibrance in ER+/HER2- breast cancer.

In a separate agreement, Novartis ( NVS ) partnered with Olma ( OLMA ) in 2020 to test OP-1250 with its breast cancer therapies Kisqali and Piqray.

Last week, Oppenheimer also commented on Olema ( OLMA ) and Arvinas ( ARVN ), noting that there is a “strong demand” for oral SERDs in breast cancer and “we see room for more than one winner.”

Arvinas ( ARVN ) has partnered with Pfizer ( PFE ) to test its ER-targeting protein degrader ARV-471 in mid-stage and late- stage studies for breast cancer.

More on Arvinas

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• Arvinas: PROTAC Platform Shows Promise In Clinical Trials For Oncology Indications

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