2024-06-08 06:37:00 ET
Shares of Geron (NASDAQ: GERN) finished the week ended June 7 about 32% higher. The market was reacting to news the company's investors had been waiting to hear for decades.
On June 6, the U.S. Food and Drug Administration (FDA) approved Geron's first drug, imetelstat (brand name Rytelo), to treat a rare form of cancer.
Rytelo is a new treatment for an underserved population. That's generally a recipe for success in the biotechnology industry, but independent companies launching their first commercial product tend to miss expectations.
For further details see:
Is Geron Stock a Buy Following Its First New Drug Approval?