UPDATE: Geron (GERN) PT Cut to $5 at Piper Jaffray Following 'Mixed' Imetelstat Message

September 12, 2016 11:41 AM EDT
Get Alerts GERN Hot Sheet
Price: $2.01 +2.55%

Rating Summary:
    5 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
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(Updated - September 12, 2016 11:42 AM EDT)

(headline correction)

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."

For an analyst ratings summary and ratings history on Geron Corporation click here. For more ratings news on Geron Corporation click here.

Shares of Geron Corporation closed at $2.86 yesterday.



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Analyst Comments, Analyst PT Change, FDA

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Piper Jaffray, Charles Duncan

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