Shares of Geron Corporation (NASDAQ: GERN) experienced a notable increase of 5.6% on Wednesday, reaching a high of $1.43 before closing at $1.4150. Despite this uptick, trading volume was significantly lower, with 3,145,037 shares exchanged, reflecting a decline of 71% from the average daily volume of 10,843,684 shares. The previous closing price was $1.34.
Analysts have expressed a range of opinions regarding Geron’s stock. On December 9, HC Wainwright and UBS Group both reaffirmed a “neutral” rating on the shares. Meanwhile, Needham & Company LLC adjusted their price target from $5.00 to $4.00, maintaining a “buy” rating. In contrast, Weiss Ratings reiterated a “sell (e+)” rating on October 31. Overall, analysis from MarketBeat.com indicates that the stock holds an average rating of “Hold” with a consensus target price of $2.75.
Recent Earnings and Future Projections
Geron recently released its quarterly earnings results on November 5, 2023. The biopharmaceutical company reported earnings per share (EPS) of ($0.03), aligning with analysts’ expectations. Revenue for the quarter was $47.23 million, falling short of the consensus estimate of $55.24 million. The company recorded a negative return on equity of 29.63% and a negative net margin of 43.61%. Analysts project that Geron will post an EPS of ($0.25) for the current year.
Investment Movements and Institutional Ownership
Several institutional investors have made significant adjustments to their positions in Geron. Vanguard Group Inc. increased its holdings by 1.8% during the first quarter, now owning 34,146,851 shares valued at approximately $54.3 million. Invesco Ltd. raised its stake by an impressive 74.2%, acquiring an additional 1,541,005 shares and totaling 3,618,607 shares worth about $5.75 million. Other notable investments include a new position from Nuveen LLC, valued at approximately $4.53 million, and Aberdeen Group plc, which boosted its holding by 99.9%, now holding 3,692,753 shares.
Currently, 73.71% of Geron’s stock is owned by institutional investors and hedge funds, reflecting strong institutional interest in the company.
Geron Corporation is focused on developing and commercializing innovative treatments that target telomerase, an enzyme associated with cancer cell immortality. Its primary product candidate, imetelstat, is currently undergoing Phase II and III clinical trials aimed at treating myelofibrosis and myelodysplastic syndromes, marking a significant step in addressing conditions with limited therapeutic options.
As the market continues to assess Geron’s performance and strategic direction, stakeholders will closely monitor upcoming earnings reports and analyst ratings.
