SAN FRANCISCO—Harmon Cyrus, a director at Olema Pharmaceuticals, Inc. (NASDAQ:OLMA), a $493.56 million market cap biotech company, recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. The transactions come as InvestingPro data shows the stock has experienced significant volatility, falling 18% in the past week. On December 9, Cyrus acquired 29,250 shares of common stock without any monetary exchange, as these shares were part of a performance-based restricted stock unit award that vested upon meeting specific company milestones.
On December 10 and 11, Cyrus sold a total of 16,393 shares of Olema Pharmaceuticals stock. These sales were primarily conducted to cover tax obligations related to the vesting of the performance-based stock units. The transactions were executed at prices ranging from $8.66 to $9.39 per share, resulting in a total value of approximately $147,955.
Following these transactions, Cyrus holds 764,140 shares directly and an additional 122,028 shares indirectly through the Harmon Family Investors LLC.
In other recent news, Olema Pharmaceuticals has been making notable strides with several significant developments. H.C. Wainwright reaffirmed a Buy rating for Olema, following the presentation of preclinical data for the company's KAT6 inhibitor, OP-3136, at the EORTC-NCI-AACR Symposium. The data showed increased inhibition of T47D breast cancer cells when OP-3136 was combined with other cancer drugs, particularly ribociclib.
The company also presented promising data from its Phase 1b/2 study of palazestrant combined with ribociclib for treating ER+/HER2- metastatic breast cancer. The study, which has enrolled 62 patients, showed that palazestrant did not affect ribociclib exposure, a significant finding as other oral Selective Estrogen Receptor Degraders (SERDs) have required dosage adjustments when used with CDK4/6 inhibitors.
TD Cowen reiterated a Buy rating, encouraged by the Clinical Benefit Rate of 78-79% from a Phase II trial involving palbociclib and ribociclib. Jefferies also maintained a Buy rating, highlighting the potential of the company's KAT6 inhibitor, OP-3136. The firm expects OP-3136 to enter Phase 1 trials in early 2025.
Goldman Sachs (NYSE:GS) maintained its Buy rating on Olema Pharmaceuticals, following the presentation of preclinical data for OP-3136 at the EORTC-NCI-AACR Symposium. The studies demonstrated OP-3136's anti-tumor activity, showing further improvement when used with endocrine therapy and CDK4/6 inhibitors. These are recent developments shaping the investor sentiment around Olema Pharmaceuticals.
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