BMY - Geron: Advisory Nod Boosts Approval Odds But Market Position Remains Hazy

2024-03-15 08:59:41 ET

Summary

• Geron's valuation may overestimate imetelstat's market impact for MDS, given FDA's moderate enthusiasm and efficacy concerns.
• FDA concerns include imetelstat's marginal efficacy, safety issues, and a non-significant improvement in patient outcomes.
• Despite FDA's apparent reservations, the advisory committee's positive vote boosts imetelstat's regulatory prospects.
• I am maintaining my "Sell" rating on GERN due to uncertainties around imetelstat's market position and impact despite the recent positive advisory vote.

A Cautious Look at Geron's Prospects Despite Advisory Nod

I last wrote on Geron ( GERN ) in December, noting that their "ideal situation appears to be already priced in."...

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