Olema Pharmaceuticals (NASDAQ:OLMA) stock isn’t doing so hot on Tuesday following the release of results from a Phase 1/2 clinical trial.
According to a press release, Olema Pharmaceuticals has its first data from the Phase 1 part of the trial. This has it testing dosage escalation OP-1250 as a treatment for metastatic breast cancer and other women’s cancers.
The company says that the new data “provide strong proof-of-concept for OP-1250 as a once-daily oral monotherapy in women with recurrent, locally advanced or metastatic ER+ / HER2- breast cancer.” That includes three partial responses, as well as target lesion reduction of up to 100%.
Sean P. Bohen, M.D., Ph.D., president and CEO of Olema Oncology, said the following in the news release.
“We successfully delivered on our objectives for the dose-escalation stage of our ongoing Phase 1/2 trial of OP-1250, with the desired pharmacokinetics, favorable tolerability, and early but clear efficacy signals.”
Olema Pharmaceuticals also plans to release a poster presentation at the San Antonio Breast Cancer Symposium from Dec. 7 o Dec. 10 going over its data. Unfortunately, it also had to address social media rumors concerning falsified information connected to that presentation.
The blow to OLMA stock today has dropped it below the $10 price point. That’s worth noting as it opens it up to further potential volatility as retail traders might take notice of the dip.
All in all, investors aren’t happy with OLMA stock today. As of this writing, shares are down 55.8% with some 6 million traded. To put that in perspective, the company’s daily average trading volume is closer to 428,000 shares.
Investors looking for more hot stock market news will want to keep reading!
InvestorPlace has all the latest stock coverage that traders need to know about for Tuesday! A few examples include Newegg Commerce (NASDAQ:NEGG) adding a new crypto payment option, Cumberland Pharmaceuticals (NASDAQ:CPIX) soaring on FDA news, as well as this morning’s biggest pre-market stock movers. You can learn all about these matters from the following links!
More Stock Market News for Tuesday
- Newegg Barks for SHIB as Shiba Inu Prices Rocket Higher
- CPIX Stock Alert: Cumberland Pharma Doubles on FDA Approval News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.