Olema Pharmaceuticals Inc

Olema Pharmaceuticals shares fell 15.1% in pre-market trading to $8.68 after AstraZeneca reported that its Phase 3 SERENA-4 trial of camizestrant did not meet its primary endpoint. AstraZeneca said on Friday that camizestrant, in combination with palbociclib, did not demonstrate a statistically significant improvement in progression-free survival as a first-line treatment for patients with ER-positive, HER2-negative advanced breast cancer. Investors were assessing the result in relation to Olema's lead candidate, palazestrant, also known as OP-1250, which is being evaluated in the pivotal Phase 3 OPERA-01 trial; palazestrant is an oral selective estrogen receptor degrader and complete estrogen receptor antagonist, or SERD/CERAN, giving it mechanistic similarities to camizestrant, although AstraZeneca's trial outcome does not determine the results of Olema's separate clinical programme. Following the AstraZeneca results, Stifel reduced its price target for Olema to $30 from $48 while maintaining a Buy rating. Olema shares were trading above their 52-week low of $6.65 following Monday's decline, compared with a 52-week high of $36.26, as the broader US market also moved lower, with the Nasdaq falling 1.7% and the S&P 500 declining 0.7%.

U.S. stock index futures fell sharply on Monday, with technology shares under pressure after several leading artificial intelligence executives called for a slower pace of AI development. By 05:52 ET, Dow futures had fallen 150 points, or 0.3%, S&P 500 futures had dropped 63 points, or 0.8%, and Nasdaq 100 futures had slumped 531 points, or 1.8%. Rumble shares surged as much as 28% in premarket trading after reports that Anthropic had agreed to a $13.7 billion computing contract with the company, a deal Rumble had disclosed in an August securities filing without identifying the customer. Anthropic CEO Dario Amodei called on AI companies to slow the advancement of model capabilities in an essay posted on X on Saturday, warning that increasingly capable AI agents could create significant economic damage if misused, and OpenAI CEO Sam Altman and xAI chief Elon Musk said they agree with his concerns. Nvidia fell more than 2% in premarket trading, while Meta and Amazon each dropped more than 1%, and chipmakers Intel, AMD and Marvell Technology fell nearly 6%, 5% and 6%, respectively, even as software names ServiceNow, Adobe and Workday rose about 3%, 2.5% and 2.5%. Scholar Rock shares surged 9.1% to $60.45 after the FDA approved ISEMBYLD, also known as apitegromab-mstn, as the first and only muscle-targeted treatment for spinal muscular atrophy in patients aged two and older receiving an SMN2-targeted therapy, ahead of the September 30, 2026 PDUFA deadline. Elmet Group shares jumped 30.8% after announcing a $450 million committed investment from the U.S. Department of War to accelerate domestic tungsten manufacturing, while Olema Pharmaceuticals slid 15.1% to $8.68 after AstraZeneca said its Phase 3 SERENA-4 trial of camizestrant failed to show a statistically significant improvement in progression-free survival, and MARA Holdings fell 5.7% to $11.30 after JPMorgan double-downgraded the bitcoin miner to Underweight from Neutral and cut its price target to $11 from $13.