Geron (NASDAQ:GERN) Stock Price Down 6% – Here’s What Happened

Geron Corporation (NASDAQ:GERN)’s share price fell 6% during mid-day trading on Wednesday. The company traded as low as $1.16 and last traded at $1.1650. 3,871,784 shares were traded during mid-day trading, a decline of 71% from the average session volume of 13,533,929 shares. The stock had previously closed at $1.24.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded shares of Geron from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $4.00.

Geron Stock Down 3.1%

The firm has a 50-day moving average price of $1.35 and a two-hundred day moving average price of $1.39. The company has a debt-to-equity ratio of 0.55, a quick ratio of 5.16 and a current ratio of 6.91. The firm has a market cap of $703.50 million, a price-to-earnings ratio of -9.95 and a beta of 0.61.

Geron (NASDAQ:GERN) last released its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). Geron had a negative return on equity of 24.48% and a negative net margin of 34.17%. The company had revenue of $57.48 million for the quarter, compared to analyst estimates of $55.30 million. On average, sell-side analysts forecast that Geron Corporation will post -0.04 earnings per share for the current year.

Institutional Investors Weigh In On Geron

Institutional investors and hedge funds have recently bought and sold shares of the stock. LCM Capital Management Inc purchased a new position in shares of Geron during the third quarter worth approximately $25,000. Squarepoint Ops LLC purchased a new stake in Geron in the 2nd quarter valued at $684,000. Corient Private Wealth LP raised its position in Geron by 218.7% in the 2nd quarter. Corient Private Wealth LP now owns 34,455 shares of the biopharmaceutical company’s stock valued at $44,000 after purchasing an additional 23,643 shares during the last quarter. Nvest Financial LLC boosted its stake in Geron by 1.7% during the 2nd quarter. Nvest Financial LLC now owns 517,150 shares of the biopharmaceutical company’s stock worth $662,000 after purchasing an additional 8,676 shares during the period. Finally, AXQ Capital LP purchased a new position in Geron during the 2nd quarter worth $122,000. 73.71% of the stock is owned by hedge funds and other institutional investors.

Geron Company Profile

Geron Corporation (NASDAQ: GERN) is a biopharmaceutical company focused on developing and commercializing treatments for blood cancers and other serious hematologic diseases. Its lead product, Rytelo (imetelstat), is a telomerase inhibitor designed to target malignant blood-forming cells.

Rytelo is approved in the United States for adults with lower-risk myelodysplastic syndromes who have transfusion-dependent anemia requiring regular red blood cell transfusions and have not responded adequately to, or are not eligible for, erythropoiesis-stimulating agents.