In a report published on Friday, Piper Jaffray analyst Charles C. Duncan upgraded Geron GERN from Neutral to Overweight and raised the price target on the company from $1.50 to $4.00.
In the report, Piper Jaffray stated, "We are increasing our price target and rating on Geron from $1.50 and Neutral to $4 and Overweight, respectively, due to recent KOL diligence as well as information provided on the earnings call that provide us with increased confidence in the prospects for Imetelstat in hematological indications. We believe the risk/reward for Imetelstat at this stage and ahead of likely transformational data at ASH warrants lowering our discount rate from 35% to 25%, leading to our new price target. The next major catalyst should be data expected at the American Society of Hematology (ASH) meeting in December from the investigator sponsored trial (IST, Dr. Tefferi at Mayo) of imetelstat in myelofibrosis (MF). Positive data will inform Geron on how to move forward to conduct its own study but also provide investors with a solid basis for gauging potential for success with this compound."
Geron closed on Thursday at $1.28.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.