FBR Capital reiterated an Outperform rating and $6 price target on Geron
Posted: Thu Jan 14, 2016 6:21 pm
January 14, 2016 11:43 AM
FBR Capital analyst Thomas Yip reiterated an Outperform rating and $6 price target on Geron Corporation (NASDAQ: GERN) after the company announced the first patient dosing in the Phase II/III IMerge trial of imetelstat in patients with myelodysplastic syndromes (MDS).
"While this milestone is expected, we think its achievement early in 1Q16 reflects Geron's and Janssen's confidence in imetelstat and removes a potential overhang," Yip said. "Along with the ongoing 200-patient Phase II IMbark trial of imetelstat in myelofibrosis (MF), IMerge became the second trial conducted under collaboration with Janssen (a unit of Johnson & Johnson, JNJ - Not Rated). IMerge will enroll a total of 200 low and intermediate-1 risk MDS patients who have been treated with an erythropoiesis stimulating agent (ESA) and are now transfusion-dependent, and will be conducted as a two-part trial: a Phase II single-arm trial measuring imetelstat's safety and efficacy in 30 patients, expected to segue into a Phase III placebo-controlled trial of about 170 patients that could enable imetelstat's registration. Primary endpoint will measure the percentage of patients who improved to become transfusion-independent (do not require transfusion during any eight consecutive
weeks over the course of the study), which is a 2006 IWG response criteria for MDS and has been a basis of approvals in MDS."
FBR Capital analyst Thomas Yip reiterated an Outperform rating and $6 price target on Geron Corporation (NASDAQ: GERN) after the company announced the first patient dosing in the Phase II/III IMerge trial of imetelstat in patients with myelodysplastic syndromes (MDS).
"While this milestone is expected, we think its achievement early in 1Q16 reflects Geron's and Janssen's confidence in imetelstat and removes a potential overhang," Yip said. "Along with the ongoing 200-patient Phase II IMbark trial of imetelstat in myelofibrosis (MF), IMerge became the second trial conducted under collaboration with Janssen (a unit of Johnson & Johnson, JNJ - Not Rated). IMerge will enroll a total of 200 low and intermediate-1 risk MDS patients who have been treated with an erythropoiesis stimulating agent (ESA) and are now transfusion-dependent, and will be conducted as a two-part trial: a Phase II single-arm trial measuring imetelstat's safety and efficacy in 30 patients, expected to segue into a Phase III placebo-controlled trial of about 170 patients that could enable imetelstat's registration. Primary endpoint will measure the percentage of patients who improved to become transfusion-independent (do not require transfusion during any eight consecutive
weeks over the course of the study), which is a 2006 IWG response criteria for MDS and has been a basis of approvals in MDS."