Goldman Sachs thinks late-stage biotech company Geron was due for a correction and now has the potential to surge higher.
Analyst Corinne Jenkins upgraded Geron to buy from neutral.
The analyst highlighted U.S. Food and Drug Administration acceptance of Geron's new drug application for imetelstat, a treatment for individuals with transfusion-dependent anemia in lower-risk myelodysplastic syndromes, or MDS.
Shares of Geron have taken a hit this year with a 27% drop this quarter and 3.3% in year-to-date losses.
"Despite the AdCom, the physicians we spoke with see a very high likelihood of imetelstat approval based on the publicly available data," the analyst said.
Persons:
Goldman Sachs, Corinne Jenkins, Geron, KOLs, Jenkins, Michael Bloom
Organizations:
Geron, Food, Drug, FDA
Locations:
U.S