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Geron Corp. (GERN), a Menlo Park, California-based biotechnology company, gained the the most in almost two months after a report on the website Seeking Alpha touted the company’s cancer drugs under development.
Geron rose 15 percent to $1.97 at 2:06 p.m. New York time in its biggest intraday advance since June 22. The shares (GERN) lost 38 percent over the last 12 months through yesterday.
“The next 12 months will be, in our view, the most important in Geron’s history,” said the report on Seeking Alpha, which is credited to Helix Investment Management. “It is a stock that has a great deal of opportunity, but also a great deal of risk.”
Geron has two treatments in the second of three stages of human testing generally needed for U.S. regulatory approval. Imetelstat is being tested for breast cancer and multiple myeloma, and GRN1005 is being tested for brain tumors that develop from breast and lung cancer. The company ended its stem cell research program in 2011 to cut costs.
The company ended its stem cell research program in 2011 to cut costs and is selling its assets there.
“People are waiting for the resolution that takes place with the regenerative medicine program,” said Steve Brozak, president of WBB Securities. He said that’s “just as important as the positive news from the oncology.”
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