Pfizer collaboration with Olema may spark future bidding war - analyst

 Olema Pharmaceutical's (NASDAQ:OLMA) announcement of a new clinical trial collaboration and supply agreement with Pfizer Inc. (PFE) in metastatic breast cancer may be a sign of a potential bidding war for Olema in the future, according to an Oppenheimer analyst. 

"Alongside the palazestrant + ribociclib combination (i.e., OPERA-02) with Novartis, Olema now has two of the big three players in HR-postive breast cancer with a seat at the data table - which under ideal circumstances may set the scene for a future bidding war," Oppenheimer analyst Matthew Biegler, who has an outperform rating and $22 price target on OLMA, wrote in a note on Wednesday. "We think that's a real possibility of Roche's PersevERA trial -- expected any day -- reads out positively."

Olema (NASDAQ:OLMA) surged 19% on Tuesday in the wake of the Pfizer (PFE) news. Shares of Olema fell 3.1% on Wednesday.

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