Geron Stock Is Soaring After Hours: What's Going On?
Portfolio Pulse from Adam Eckert
Geron Corp (NASDAQ:GERN) shares surged in after-hours trading following a positive vote from the FDA's Oncologic Drugs Advisory Committee on the clinical benefit/risk profile of imetelstat for treating transfusion-dependent anemia. The ODAC's 12 to 2 vote in favor of imetelstat, a novel telomerase inhibitor developed by Geron for hematologic malignancies, comes after the Merge Phase 3 trial showed significant improvement in patients achieving red blood cell transfusion independence. The FDA has set a target action date of June 16, 2024, for Geron's New Drug Application for imetelstat.
March 14, 2024 | 9:03 pm
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POSITIVE IMPACT
Geron Corp's stock surged after a favorable FDA committee vote on imetelstat for treating transfusion-dependent anemia, indicating strong future potential for the drug.
The positive vote from the FDA's Oncologic Drugs Advisory Committee significantly boosts investor confidence in Geron and its investigational drug, imetelstat. Given the drug's potential to meet a significant unmet medical need in transfusion-dependent anemia treatment, this development is likely to have a positive short-term impact on GERN's stock price. The substantial after-hours price increase reflects the market's optimistic view on the drug's approval prospects and its future commercial success.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100