- Clinical-stage biotech Geron Corporation ( NASDAQ: GERN ) traded higher Friday morning after Wedbush Securities launched its coverage with an Outperform recommendation citing the company’s only product candidate, imetelstat.
- Geron ( GERN ) is advancing the telomerase inhibitor targeting multiple blood disorders, including lower-risk myelodysplastic syndrome (LRMDS) and myelofibrosis (MF).
- Noting Phase 2 data supporting its sustained efficacy across all patient subgroups, the analysts led by Robert Driscol argue that imetelstat compares favorably to luspatacept (Reblozyl), a blood disorder therapy developed by Bristol Myers Squibb ( BMY ).
- Given the biomarker data and a similar design in a late-stage trial, the analysts expect positive early data for the candidate from the ongoing trial in early 2023, arguing that it will allow for approval and initial rollout in 1H 2023 for a sizable end market.
- The team, issuing a $5 per share target on the stock, noted that an interim readout for imetelstat expected in 2023 from an ongoing late-stage trial in relapsed/refractory MF could add further upside for the stock.
- Geron ( GERN ) has remained a favorite on Wall Street with no Neutral or Sell rating and six buy ratings.
For further details see:
Geron draws Outperform rating at Wedbush on prospects for blood disease therapy