OLMA - Olema stock soars 12% as FDA grants fast track status to OP-1250 for breast cancer subtype

• The U.S. Food and Drug Administration (FDA) granted fast track designation to Olema Pharmaceuticals' ( NASDAQ: OLMA ) OP-1250 to treat certain patients with breast cancer.
• Specifically, the FDA designation for OP-1250 is to treat ER-positive (ER+), human epidermal growth factor receptor 2-negative (HER2-) metastatic breast cancer that has progressed after one or more lines of endocrine therapy with at least one line given in combination with a cyclin-dependent kinase (CDK) 4/6 inhibitor.
• The company OP-1250 is currently being evaluated as a single agent in a phase 1/2 trial and in phase 1b study as a combination with palbociclib to treat certain patients breast cancer.
• OLMA +12.31% to $5.29 premarket July 21

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