In a research report issued today, Oppenheimer’s healthcare analyst Ling Wang reiterated an Outperform rating on shares of Geron Corporation (NASDAQ:GERN) with a $5.50 price target, after the biotechnological company announced the publication of two papers in The New England Journal of Medicine in which the company’s telomerase inhibitor, imetelstat, was shown to have disease-modifying activity thought to be associated with selective inhibition of the malignant progenitor cell clones responsible for the underlying disease in two hematologic myeloid malignancies, essential thrombocythemia (ET) and myelofibrosis (MF).
Geron Corporation shares reacted to the news, rising 12.13% to $3.42 on volume of 16.2 million shares, making it among the top winners today.
Wang noted, “The key efficacy and safety data are essentially the same as prior presentations. New exploratory mutational/molecular analysis in MF were also published in an effort to explore potential correlations between mutational status and response to imetelstat. In our view, imetelstat’s unique ability to potentially address the underlying cause of the hematologic malignancies (the malignant progenitor cells clones in the bone marrow) should differentiate it sufficiently from available therapies and offer paradigmchanging potential in a variety of hematologic malignancies with significant unmet medical needs.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ling Wang has a total average return of -7.8% and a 31.1% success rate. Wang has a -26.3% average return when recommending GERN, and is ranked #3507 out of 3748 analysts.