Coverage of Geron kicks off at BTIG with a Buy rating

Shares of Geron Corp (NASDAQ:GERN) are soaring after BTIG analyst Thomas Shrader initiated coverage of the biotech with a Buy rating and a price target of $4.00.

Shrader says the stock has been “left for dead” unfairly, despite trials of its flagship drug “Imetelstat – a telomerase inhibitor active in the treatment of highly transfusion-dependent myelodyspastic syndrome, and r/r myelofibrosis”, two bone marrow disorders, showing clear indications of efficacy.

READ: Geron shares tumble after Janssen Biotech ends collaboration on imetelstat drug program

The drug had been the subject of a partnership with Johnson & Johnson (NYSE:JNJ), but Geron has now taken over sole ownership of its development, with pivotal trials starting this year.

“Geron is likely to attract investor interest as corroborative pivotal readouts approach,” Shrader wrote in a note to investors.

Geron shares traded 6.9% higher at $1.40 in morning trade on Wednesday.

Contact Ellen Kelleher at [email protected]

Story by ProactiveInvestors