In a report released today, Tara Bancroft from TD Cowen maintained a Buy rating on Geron (GERN – Research Report), with a price target of $10.00.
Tara Bancroft has given his Buy rating due to a combination of factors including the positive initial uptake of Geron’s new drug Rytelo in the US for low-risk myelodysplastic syndromes (LR-MDS) and the supportive National Comprehensive Cancer Care Network (NCCN) guidelines which are expected to aid in the drug’s adoption and insurance reimbursement. The drug has shown a promising start with approximately 160 patients treated from 115 unique ordering accounts within the first six weeks of its launch, indicating a strong early demand. Bancroft also notes that management has observed high levels of awareness and enthusiasm for Rytelo among prescribers and payers, which could translate into robust sales growth in the future.
Furthermore, the analyst points out that the drug has been included in the NCCN guidelines as a Category 1 treatment for second-line LR-MDS, bolstering its position in the treatment paradigm and potentially enhancing payor coverage. The potential addition of the European market as early as next year following the positive mid-way review of the Marketing Authorization Application (MAA) also adds to the drug’s commercial prospects. Additionally, ongoing clinical trials in myelofibrosis (MF) are progressing well, with expectations for a Phase 1 update, which could further support the drug’s clinical profile and market potential.
In another report released on July 24, Stifel Nicolaus also maintained a Buy rating on the stock with a $7.00 price target.
Based on the recent corporate insider activity of 17 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of GERN in relation to earlier this year.
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Geron (GERN) Company Description:
Geron Corp. operates as a biotechnology company. It develops a telomerase inhibitor, imetelstat, in hematologic myeloid malignancies. The company was founded by Michael D. West on November 28, 1990 and is headquartered in Menlo Park, CA.
