SAN FRANCISCO – Harmon Cyrus, a board member at Olema Pharmaceuticals, Inc. (NASDAQ:OLMA), a biotech company with a market capitalization of $493.56 million, recently completed several stock transactions. This emerges from a report to the US Securities and Exchange Commission (SEC). The transactions come at a time when the stock is experiencing significant volatility, falling 18% in the past week, according to InvestingPro data.
On December 9, 2023, Cyrus received 29,250 common shares without any direct cash payment. These shares were part of a performance-based award of restricted stock units that vested upon the achievement of certain company milestones.
On December 10th and 11th, 2023, Cyrus sold a total of 16,393 shares of Olema Pharmaceuticals. These sales are primarily intended to cover tax liabilities associated with the transfer of the performance-based stock units. The transactions were conducted at prices between $8.66 and $9.39 per share, for a total value of approximately $147,955.
Following these transactions, Cyrus holds 764,140 shares directly and an additional 122,028 shares indirectly through Harmon Family Investors LLC.
In other recent developments, Olema Pharmaceuticals has made notable progress. HC Wainwright reiterated its Buy rating on Olema following the presentation of preclinical data for the company's KAT6 inhibitor OP-3136 at the EORTC-NCI-AACR Symposium. Data show enhanced inhibition of T47D breast cancer cells when OP-3136 was combined with other cancer drugs, particularly ribociclib.
The company presented extremely encouraging results from its Phase 1b/2 study combining palazestrant with ribociclib for the treatment of ER+/HER2- metastatic breast cancer. The 62-patient study showed that palazestrant did not interfere with the effect of ribociclib – an important finding because other oral selective estrogen receptor degraders (SERDs) often require dose adjustments when combined with CDK4/6 inhibitors.
TD Cowen reiterated the Buy recommendation, encouraged by the 78-79% clinical benefit rate from a Phase II trial of palbociclib and ribociclib. Jefferies also received a Buy rating and highlighted the potential of the KAT6 inhibitor OP-3136. Analysts expect OP-3136 to enter Phase 1 trials in early 2025.
Goldman Sachs maintained a Buy rating on Olema Pharmaceuticals after preclinical data for OP-3136 was presented at the EORTC-NCI-AACR Symposium. The studies demonstrate the anti-tumor activity of OP-3136, which is further enhanced when combined with endocrine therapy and CDK4/6 inhibitors. These recent developments are shaping investor sentiment around Olema Pharmaceuticals and highlight the company's potential in cancer research.
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