Needham & Co Downgrades Geron Corporation (GERN) to Hold
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Needham & Co downgrades Geron Corporation (Nasdaq: GERN) from Buy to Hold.
Needham analyst says, "We applaud the management team for its progress with the FDA on the thoracic spinal cord injury program, with the potential for a more expeditious move in cervical spinal cord injury (an area of unmet need among the 11,000 spinal cord injuries each year). Yet the trial remains on clinical hold, with additional, now specified, pre-clinical work required. The Phase 1 GRNOPC1 trial in thoracic spinal cord injuries is now projected by management to begin in 2H10, which is later than our earlier expectations, and more importantly, does not provide an opportunity for near-term newsflow. Of note, the Phase 2 trial for GRN163L (imetelstat) going forward is well designed and builds on the ongoing trials, especially the breast cancer program planned, but similarly, we do not expect to see Phase 2 data from these programs until 2011."
"For 3Q09, Geron reported a net loss of $15.2 MM or ($0.17) per share. At the end of 3Q09, Geron had $179MM in cash, cash equivalent and investments. With a burn rate in the range of $48MM, we believe the Company will have sufficient cash to support ongoing research and clinical development through 2011."
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Comments
stem cell
everyone get on ban wagon stem cell stocks are great. Today a stem cell face lift is being done in Miami FL. Lets continue funding research and buy int all stem cell stocks. This is the future
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Geron
Berry Floyd Laws on Nov 2, 2009 12:39 PMHow can you downgrade Geron from a BUY to a HOLD when you have never rated it a BUY in the first place? IMHO Jim Cramer is a crook and a sorry-ass.