Geron Corporation (GERN) Trading -2.7% Higher on Better-Than-Expected Earnings
Shares of Geron Corporation (NASDAQ:GERN) traded up 2.7% on Wednesday following a better than expected earnings announcement. The stock traded as high as $2.34 and last traded at $2.19. 1,047,934 shares traded hands during mid-day trading, a decline of 7% from the average session volume of 1,125,650 shares. The stock had previously closed at $2.25.
The biopharmaceutical company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. The business had revenue of $0.16 million during the quarter, compared to the consensus estimate of $0.40 million. Geron Corporation had a negative net margin of 2,992.67% and a negative return on equity of 24.65%. The business’s quarterly revenue was down 96.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.02) earnings per share.
GERN has been the topic of a number of research analyst reports. Zacks Investment Research downgraded shares of Geron Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. BidaskClub downgraded shares of Geron Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. Geron Corporation presently has an average rating of “Hold” and an average target price of $3.75.
Several large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Geron Corporation by 4.1% during the second quarter. Vanguard Group Inc. now owns 7,406,968 shares of the biopharmaceutical company’s stock worth $20,518,000 after purchasing an additional 294,785 shares during the period. State Street Corp raised its holdings in shares of Geron Corporation by 9.8% during the second quarter. State Street Corp now owns 5,127,578 shares of the biopharmaceutical company’s stock worth $14,205,000 after purchasing an additional 459,700 shares during the period. Northern Trust Corp raised its holdings in shares of Geron Corporation by 0.9% during the second quarter. Northern Trust Corp now owns 1,866,468 shares of the biopharmaceutical company’s stock worth $5,170,000 after purchasing an additional 16,561 shares during the period. Geode Capital Management LLC raised its holdings in shares of Geron Corporation by 11.0% during the first quarter. Geode Capital Management LLC now owns 1,212,214 shares of the biopharmaceutical company’s stock worth $2,751,000 after purchasing an additional 120,222 shares during the period. Finally, TIAA CREF Investment Management LLC raised its holdings in shares of Geron Corporation by 4.8% during the second quarter. TIAA CREF Investment Management LLC now owns 412,967 shares of the biopharmaceutical company’s stock worth $1,144,000 after purchasing an additional 18,774 shares during the period. 38.78% of the stock is currently owned by institutional investors.
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Geron Corporation Company Profile
Geron Corporation (Geron) is a biopharmaceutical company, which supports the clinical stage development of a telomerase inhibitor, Imetelstat, in hematologic myeloid malignancies by Janssen Biotech, Inc (Janssen). The Company is engaged in the development of therapeutic products for oncology. Using its nucleic acid chemistry, Geron designed Imetelstat to be an oligonucleotide that binds with high affinity to the ribonucleic acid (RNA) template of telomerase, thereby directly inhibiting telomerase activity.
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