Geron (Nasdaq: GERN) Shares Skyrocket, Coverage Initiated with a Buy
Geron Corporation (Nasdaq: GERN)
Shares of GERN surged early in the morning on Wednesday, after the company was initiated with a rating Buy and price target of $6.50 by brokerage firm MLV & Co.
GERN recently reported the closing of the transaction to divest its stem cell assets. On January 4, 2013, GERN entered into an Asset Contribution Agreement with BioTime, Inc. and Asterias Biotherapeutics, Inc. (formerly known as BioTime Acquisition Corporation).
The closing of the transaction was subject to certain approvals by BioTime's shareholders, the effectiveness of certain registration statements filed by BioTime and Asterias with the Securities and Exchange Commission (SEC) with respect to the securities as contemplated by the Agreement, and other negotiated closing conditions. The closing of the transaction occurred on October 1, 2013.
GERN stock is trading for about $4.05, representing an increase of $0.93 or 29.81%, with more than 8,644,700 shares traded so far
GERN is a clinical stage biopharmaceutical company developing a first-in-class telomerase inhibitor, imetelstat, in hematologic myeloid malignancies.
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