UPDATE: Piper Jaffray Initiates Geron Corporation at Overweight on Risk/Reward
Piper Jaffray initiated coverage on Geron Corporation (NASDAQ: GERN) with a Overweight rating and a $3.00 price target.
Piper Jaffray commented, "Geron is focused on developing drugs from its novel telomerase-inhibitor platform and its 1st-in-class compound imetelstat is targeting hematological indications. The mechanistic logic behind the use of imetelstat to treat hematological malignancies is sound, in our view, and is supported by early clinical evidence in this setting, most recently presented at ASH '12. We view the current valuation of GERN shares as pricing in the past programmatic challenges and thus limiting downside, with substantial upside potential as more data and visibility of clinical progress emerges over the course of 2013/1H14."
Geron Corporation closed at $1.64 on Thursday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.