Shares of Olema Pharmaceuticals, Inc. (NASDAQ:OLMA) soared Tuesday in reaction to Roche Holdings AG‘s (OTC:RHHBY) phase 3 results from the lidERA Breast Cancer study of giredestrant in early-stage breast cancer.
"Pharma Bro” and notorious bear Martin Shkreli is shorting Olema stock.
- OLMA stock is racing higher. See the real-time price action here.
Shkreli publicly declared his short position in a social media post on Tuesday morning.
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"Shorting OLMA, don’t see how another company’s results are 3x another SERD company. a million SERDs out there," he said in a post on X.
Shkreli was referencing Roche's phase 3 study which showed a significant and clinically meaningful improvement in patient survival with giredestrant, Roche's SERD treatment.
SERD stands for Selective Estrogen Receptor Degrader and is a class of drugs used for hormone-receptor positive breast cancer.
Shkreli implies that the market for SERD drugs is overcrowded, and therefore, the high valuation of Olema stock is unjustified.
It seems not everyone agrees with Shkreli as the stock was up more than 140% in Tuesday's midday trading.
Additionally, multiple analysts raised price targets on Olema Pharmaceuticals, including:
- HC Wainwright & Co. analyst Emily Bodnar maintained Olema with a Buy rating and raised the price target from $28 to $36.
- Oppenheimer analyst Matthew Biegler maintained an Outperform rating and raised the price target on Olema stock from $22 to $45.
- JPMorgan maintained an Overweight and raised the price target from $29 to $32.
OLMA Price Action: Olema Pharmaceuticals shares were up 136.8% at $20.17 on Tuesday, according to data from Benzinga Pro
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