In a research note issued today, MLV analyst George Zavoico maintained a Buy rating on Geron (NASDAQ:GERN) with a $4.25 price target, following the news that that the FDA has lifted a full clinical hold on its investigational new drug (IND) application for imetelstat, and approved a proposed clinical development plan that focuses on high-risk myeloid malignancies, including myelofibrosis (MF).
Zavoico noted, “Removal of the clinical hold clears the way for a new Phase II trial in MF to begin in 1H:15. The FDA’s decision is not surprising as we previously wrote that we expected the clinical hold to be lifted. Moreover, based on positive Phase II results with imetelstat in MF to date, we think there is further upside to today’s ~30% increase in the price of Geron’s stock.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst George Zavoico has a total average return of 3.6% and a 40.0% success rate. Zavoico has a -25.1% average return when recommending GERN, and is ranked #1499 out of 3355 analysts.