Buy biotech stock Geron for a 70% return in 12 months: Goldman Sachs

on Sep 12, 2023
  • Goldman Sachs upgraded Geron Corp to "buy" on Tuesday.
  • Analyst Corinne Jenkins is bullish primarily on "Imetelstat".
  • Geron shares have lost more than 35% in about three months.

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Sell-off in Geron Corp (NASDAQ: GERN) over the past three months has created a great buying opportunity, says Corinne Jenkins – a Goldman Sachs analyst.

Geron shares could shoot up to $4.0

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Jenkins upgraded the biotech stock to “buy” on Tuesday and tagged on it a price target of $4.0 that suggests about a 70% upside from here.

Her super bullish view on Geron shares is based primarily on “Imetelstat” – the company’s treatment for transfusion-dependent anaemia in patients with lower-risk MDS.

Based on our review of the data, conversations with KOLs, and regulatory precedent, Imetelstat is likely to be approved in this setting, where we estimate $1.5 billion in unadjusted peak sales.

Last month, the Nasdaq-listed firm reported a loss for its second quarter and came in shy of revenue estimates.

Probability of Imetelstat approval is high

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Note that the U.S. Food & Drug Administration has already accepted the NDA for Imetelstat.

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It is expected to decide on the treatment by June of 2024 – which means the telomerase inhibitor may be available in the United States in the second half of next year. The Goldman Sachs analyst also said in her research note today:

The physicians we spoke with see a very high likelihood of Imetelstat approval … given the efficacy, manageable safety, and degree of unmet need in this population.”

All in all, she likes Geron shares because the risk-to-benefit profile of the said treatment supports approval, she concluded. Jenkins call arrives only a day after Geron Corp said Michelle Robertson will join as its Chief Financial Officer on September 25th.


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