Overview
- Roche reported a positive Phase 3 interim readout for giredestrant that met the primary endpoint in ER-positive, HER2-negative early breast cancer, with overall survival data still pending.
- Olema shares surged as much as 197.3% in pre-market trading, with 13.4 million shares changing hands versus a three-month average of 1.28 million.
- Olema announced a proposed offering of common stock and pre-funded warrants, including a 30-day option for underwriters to buy up to 15% more shares, with TD Cowen as book-running manager.
- The stock declined roughly 7% in after-hours trading following the financing announcement.
- Market reaction featured vocal divergence as Martin Shkreli disclosed a short position in OLMA while HC Wainwright, Oppenheimer, and JPMorgan boosted price targets.