Biotech Stock Up Nearly 300% Draws $68.7 Million Bet as Breast Cancer Drug Targets 2027 Launch

2026-03-17 02:01:01

Cormorant Asset Management initiated a new position in Olema Pharmaceuticals (OLMA +12.85%), buying 2,750,000 shares worth $68.75 million in the fourth quarter, according to a February 17, 2026, SEC filing.

What happened

Cormorant Asset Management disclosed a new position in Olema Pharmaceuticals in a quarterly U.S. Securities and Exchange Commission filing dated February 17, 2026. The fund acquired 2,750,000 shares worth $68.75 million at the end of the quarterr.

What else to know

This was a new position for Cormorant Asset Management, representing 3.18% of 13F reportable AUM as of December 31, 2025.
Top holdings after the filing:
- NASDAQ:PRAX: $280.00 million (15.9% of AUM)
- NASDAQ:BBOT: $223.84 million (12.7% of AUM)
- NASDAQ:ABVX: $182.05 million (10.3% of AUM)
- NASDAQ:EYPT: $151.00 million (8.6% of AUM)
- NASDAQ:RAPP: $91.85 million (5.2% of AUM)
As of Monday, Olema shares were priced at $16.60, up 276% over the past year and well outperforming the S&P 500’s roughly 19% gain in the same period.

Company overview

Metric	Value
Price (as of Monday)	$16.60
Market Capitalization	$1.3 billion
Net Income (TTM)	($149.96 million)

Company snapshot

Olema’s lead product candidate is OP-1250, an estrogen receptor antagonist and selective degrader in Phase 1/2 clinical trials for ER-positive, HER2-negative breast cancer.
The company operates a clinical-stage biopharmaceutical model focused on the discovery, development, and commercialization of targeted therapies for women’s cancers.
Its primary customers are healthcare providers, research institutions, and ultimately patients with recurrent, locally advanced, or metastatic breast cancer.

Olema Pharmaceuticals, Inc. is a clinical-stage biotechnology company specializing in novel therapies for women’s cancers, with a strategic focus on hormone receptor-positive breast cancer. The company leverages proprietary research and development to advance its pipeline, led by OP-1250, through clinical trials targeting significant unmet medical needs. Olema’s approach aims to deliver differentiated therapies that address critical gaps in cancer treatment, positioning the company as an emerging innovator in the oncology sector.

What this transaction means for investors

Biotech investing often revolves around identifying companies approaching pivotal inflection points in trials, regulatory milestones, and potential commercialization, and that’s potentially why Olema Pharmaceuticals is getting some attention here.

The company’s lead drug candidate, palazestrant, is designed to treat hormone receptor-positive breast cancer and is currently being evaluated in two pivotal Phase 3 trials targeting metastatic disease, the company said in its latest quarterly release. Those studies could produce major catalysts, with top-line data expected this fall from the OPERA-01 trial evaluating the therapy as a monotherapy treatment.

Behind the scenes, Olema has also been strengthening the financial foundation needed to reach that milestone. The company ended 2025 with roughly $505 million in cash, cash equivalents, and marketable securities after raising more than $218 million in a follow-on public offering to help fund its pipeline and prepare for potential commercialization, which the firm said could happen as soon as late 2027. Even after this staggering run, if palazestrant proves effective in late-stage trials and moves toward approval, Olema could shift from an early stage research story into a commercial oncology company with meaningful upside.

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