Olema Pharmaceuticals Shares Sink More Than 40% After Roche Trial Miss
Olema Pharmaceuticals tumbled over 40% in early Monday trading. Roche's oral breast cancer drug, giredestrant, missed its primary endpoint in a pivotal first-line trial, and investors saw that as a warning sign for Olema’s own lead candidate, palazestrant. This is significant—Olema belongs to a select cluster of biotechs backing oral drugs that inhibit or degrade the estrogen receptor, and Roche’s outcomes have served as a bellwether for the space before. After Roche unveiled upbeat Phase III data for giredestrant in November, Olema stock shot up over 220% premarket.