Oncology Coverage Intraday Weakness 6/2

研报英文原文证据摘录

Oncology Coverage Intraday Weakness 6/2

Oncology

Oncology Coverage Intraday Weakness 6/2 June 2, 2026

Our coverage universe had some significant news flow this morning (initial take

below).

CELC (OP, $165 PT) shares are weak (-23% vs. -4% XBI) following details of the

pivotal results at ASCO. Stock down because doublet and tripled had essentially

identical HR and mPFS -- the Street was hoping for a few months of incremental kpatel@wolferesearch.comKalpit Patel

benefit on the triplet. Our view is that the population enrolled was more heavily (646) 419-2570

pre-treated/refractory, so mPFS coming in below the 13-15 month bogey is more View Kalpit’s Research

View Comp Tableexpected than the tape suggests on first glance. The key here is looking at the alpelisib

+ fulvestrant control arm, which came in below what other studies in the past have Gugan Raghuraman

graghuraman@wolferesearch.com

generated (suggesting a more real world population). 646-419-2572

OLMA (PP) shares are down 10% following a read through from Roche's details

in persevERA. HR was 0.89 on PFS (underwhelming) vs. closer to 0.85 hoped,

and OS HR was >1. This reduces the probability of Olema's own 1L pivotal study

hitting in mBC. We reinforce our broader thesis here that swapping a SERD for an AI

in 1L mBC historically hasn't moved the needle -- numerical PFS trend in unlikely to

change the trajectory for future trials. Also investors should keep in mind that Arvinas

(ARVN, not covered) and Pfizer (PFE, covered by Alex Hammond) recently entered

into a license agreement with Rigel (RIGL, not covered) for their degrader for $85M

upfront (essentially pennies on the dollar relative to the original valuation for this

asset). OLMA's market cap is ~$1B today.