Goldman Sachs Reiterates Buy Rating on Geron Corporation (GERN)

Goldman Sachs analyst Corinne Jenkins reiterated a Buy rating and $6.00 price target on Geron Corporation (NASDAQ: GERN).

The analyst comments "Following the recent FDA approval of Rytelo (imetelstat) in lower-risk myelodysplastic syndrome (LR-MDS), we refine our near-term estimates and evaluate potential sources of upside/downside risk to consensus numbers. First, we review three recent launches in hematology (Reblozyl in LR-MDS, Jakafi in MF, and Scemblix in CML) to understand the key factors driving early drug utilization and physician adoption during the initial stages of a launch, where we see the greatest degree of similarity between the launches of Rytelo and Jakafi. Second, we interacted with several KOLs from a variety practice settings to gauge their views on the Rytelo's label, the agent's product profile, and how they intend to use the drug to treat patients. Overall, the KOLs shared favorable views on Rytelo's utilization in the second-line setting, with limited concerns related to hematological adverse events. Third, we conduct several analyses to understand what GERN needs to achieve in order to meet or surpass near-term consensus estimates. These analyses reveal greater potential for upside vs. downside risk to near-term revenue estimates, even as third-party data indicates strong underlying demand trends in the early launch months. Ultimately, we anticipate that the initial launch quarters will be informative for the trajectory of Rytelo sales, and continue to assume global peak sales of $1.2B. We reiterate our Buy rating."

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 $4.60 yesterday.

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