So, Cormorant Asset Management. They’ve dropped sixty-eight-point-seven-five million dollars into Olema Pharmaceuticals. Which, frankly, feels less like investing and more like a very expensive dare. I overheard a colleague, Barry – Barry always knows these things, it’s unsettling – mention it over the communal coffee machine. He said, “Olema’s up 276%.” I just nodded, pretending to understand. I mostly invest in things I can touch, like antique thimbles. Less… volatile.
Apparently, Olema is chasing a cure – or at least, a treatment – for breast cancer. Which, good. Obviously. But the market, that fickle beast, seems to have decided they’re already curing it. Or, at least, projecting a very optimistic future where they are. I’ve seen this before, this irrational exuberance. It reminds me of my Aunt Mildred’s obsession with Beanie Babies. She was convinced they’d fund her retirement. They didn’t.
Cormorant, with this hefty purchase of 2.75 million shares, now owns a little slice of the dream. 3.18% of their “reportable AUM,” whatever that is. Sounds vaguely…clinical. They’re also heavily invested in PRAX, BBOT, ABVX, EYPT, and RAPP. A lot of acronyms. It’s like they’re trying to spell something. I suspect it’s a secret code for a very exclusive golf club.
As of Monday, the stock was hovering around sixteen-sixty. It’s a number that feels… precarious. Like a poorly stacked tower of Jenga blocks. The company, you see, is focused on hormone receptor-positive breast cancer. They’ve got a drug candidate, OP-1250, currently in Phase 1/2 trials. Which means, essentially, they’re still figuring things out. But that doesn’t stop the stock from soaring. It’s the hope, I suppose. The desperate, grasping hope.
| Metric | Value |
|---|---|
| Price (as of Monday) | $16.60 |
| Market Capitalization | $1.3 billion |
| Net Income (TTM) | ($149.96 million) |
They’re calling themselves a “clinical-stage biopharmaceutical model.” I’m not sure what that means, but it sounds expensive. They’re aiming for “differentiated therapies,” which is marketing speak for “we think we can do it better.” Their customers, predictably, are healthcare providers, research institutions, and, ultimately, patients. It’s a noble pursuit, really. If they can actually deliver.
The real gamble, as always, lies in the future. They’re hoping to launch something by late 2027. That’s a long time in biotech years. A lifetime, really. They ended 2025 with around five-hundred-and-five million dollars in cash. Which sounds like a lot, until you consider the cost of, you know, actually curing cancer. They raised another two-hundred-and-eighteen million in a public offering. I’m starting to feel a little lightheaded just thinking about all the money.
I’m not saying it’s a bad investment. Just… optimistic. And, perhaps, a little bit reckless. Like betting on a horse with a limp. But then again, sometimes the horse with the limp wins. And that, I suppose, is what keeps the market going. And Barry, of course, smugly knowing all about it before anyone else.
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2026-03-17 01:42