Geron Corporation (NASDAQ: GERN) experienced a notable increase in its share price, rising by 5.6% on Wednesday. The stock peaked at $1.43 during the day and was last recorded at $1.4150. Trading volume was 3,145,037 shares, a significant decline of 71% compared to the average session volume of 10,843,684 shares. Prior to this uptick, Geron shares closed at $1.34.
Analysts Offer Mixed Ratings
Recent evaluations from various equities research analysts provide a mixed outlook for Geron. HC Wainwright reaffirmed a “neutral” rating in a report dated December 9, 2023. Similarly, UBS Group also maintained a “neutral” rating on the shares on the same day. Meanwhile, Needham & Company LLC reduced its price target on Geron shares from $5.00 to $4.00, while holding a “buy” rating, as detailed in their research note on November 5, 2023. In contrast, Weiss Ratings reaffirmed a “sell (e+)” rating on October 31, 2023.
Overall, three analysts currently rate the stock as a “Buy,” four suggest holding, and two recommend selling. According to MarketBeat.com, the consensus rating for Geron stands at “Hold,” with an average target price of $2.75.
Financial Performance and Investor Activity
In its most recent quarterly earnings report, released on November 5, 2023, Geron reported an earnings per share (EPS) of ($0.03), aligning with analysts’ expectations. The company’s revenue for the quarter was $47.23 million, falling short of the consensus estimate of $55.24 million. Geron’s negative return on equity was noted at 29.63%, with a negative net margin of 43.61%. Analysts project that the company will post an EPS of ($0.25) for the current year.
Investor activity has also been significant. Vanguard Group Inc. increased its holdings in Geron by 1.8% during the first quarter, now owning 34,146,851 shares valued at approximately $54.3 million after acquiring an additional 608,029 shares. Invesco Ltd. raised its position by 74.2%, owning 3,618,607 shares valued at $5.75 million after purchasing 1,541,005 shares recently.
Additionally, Nuveen LLC entered a new position valued at about $4.53 million, and Aberdeen Group plc boosted its stake by 99.9%, owning 3,692,753 shares worth approximately $5.87 million after acquiring 1,845,468 shares. Currently, institutional investors and hedge funds hold 73.71% of Geron’s stock.
Geron Corporation focuses on developing novel treatments that target telomerase, an enzyme linked to cancer cell immortality. Their research primarily targets hematologic malignancies and solid tumors, with the lead product candidate, imetelstat, currently in Phase II and Phase III clinical trials for myelofibrosis and myelodysplastic syndromes.
As investors remain attentive to Geron’s evolving clinical prospects and market performance, the company continues to navigate a challenging landscape within the biopharmaceutical sector.
