Geron Corporation (NASDAQ: GERN) stock soared 85% on Friday in response to reports indicating favorable backing from advisors to the U.S. Food and Drug Administration (FDA) for its blood disorder drug, imetelstat.
Geron (GERN) has garnered a decisive vote of confidence from the U.S. Food and Drug Administration’s (FDA) Oncologic Drugs Advisory Committee (ODAC) regarding its innovative drug, imetelstat.
The ODAC has voted 12 to 2 in favor of Imetelstat’s clinical benefit/risk profile, asserting that the drug benefits outweigh the associated risks.
This pivotal decision follows a comprehensive review of data from a Phase 3 clinical trial, where Imetelstat demonstrated promising results, successfully meeting primary endpoints.
The leading investment firms Needham and Goldman Sachs have responded swiftly to this development. Needham, a reputable investment firm, has increased Geron’s price target to $5.00 from $4.00 while reiterating its Buy rating on the stock. Likewise, Goldman Sachs, a prominent investment banking firm, has adjusted its price target for GERN stock shares from $4.00 to $5.00, maintaining its Buy rating.
Geron (NASDAQ: GERN) Stock Movement
GERN stock surged 84.62% to close at $3.36 on Friday. The traders had exchanged hands with 111,376,916 (111.37 million) shares compared to the average daily trading volume of 8.66 million. The stock has a market capitalization of $1.83 billion.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
