UPDATE: Geron (GERN) PT Cut to $5 at Piper Jaffray Following 'Mixed' Imetelstat Message
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(Updated - September 12, 2016 11:42 AM EDT)
Piper Jaffray analyst Charles Duncan cut his price target on Geron Corporation (NASDAQ: GERN) to $5.00 (from $10.00) but maintained an Overweight rating after the company announced that partner Janssen has completed interims for both trials of its telomerase inhibitor imetelstat.
Duncan commented, "We’re encouraged the Phase II/III trial in MDS will continue as planned, as we believe continuation is a function of early, yet clinically relevant responses which point to the potential for imetelstat to generate durable RBC transfusion independence. On the Phase II in MF, Janssen will close enrollment but continue to dose patients at 9.4mg/kg and re-evaluate responses during 2Q17. From what we can tell, emergence of a clinically relevant response in this difficult subgroup of MF is up in the air. We’re removing MF from our valuation and increasing our discount rate on MDS revenues pending further visibility on mature Phase II results, bringing our PT to $5. We reiterate OW as we remain constructive on imetelstat’s emerging clinical profile in MDS and are optimistic the Phase III could begin by mid’17."
Shares of Geron Corporation closed at $2.86 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, FDA
Related EntitiesPiper Jaffray, Charles Duncan
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