** Olema Pharmaceuticals OLMA.O, or Olema Oncology, looks to capitalize on its surging stock to raise equity

** OLMA shares on Tues jumped 136.4% to close at $20.14, about a four-year high, after competitor Roche's ROG.S oral drug giredestrant was shown in late-stage trial to cut the risk of breast cancer recurrence after surgery

** After the bell, OLMA commences offering of stock and pre-funded warrants without disclosing deal size

** TD Cowen sole bookrunner

** San Francisco-based OLMA has ~68.7 mln shares outstanding for about $1.4 bln current market cap with move on Tues

** Shares are down ~6% at $18.92 after the bell

** All 9 analysts covering OLMA are bullish; median PT of $31 up from $22 a month ago, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))