Geron (NASDAQ:GERN) stock is gaining on Tuesday following an upgrade for the biopharmaceutical company’s shares.
Goldman Sachs analyst Corinne Jenkins is behind today’s news, upgrading shares of GERN stock from a “neutral” rating to a “buy” rating. For the record, this matches the analyst consensus rating for GERN shares, which is a buy rating based on three opinions.
One thing that didn’t change with that upgrade is Jenkins’ price target for GERN stock. The analyst maintained her price prediction of $4 per share. That represents a possible upside of around 70% over yesterday’s close. For comparison, the analyst consensus price target is $4.75 per share.
What’s Behind the GERN Stock Upgrade?
Here’s what the Goldman Sachs analyst had to say about Geron in a note to clients obtained by CNBC:
“Based on our review of the data, conversations with KOLs, and regulatory precedent, we maintain our view that imetelstat is likely to be approved in this setting, where we estimate $1.5 billion in unadjusted peak sales […] We see the recent pullback in shares as presenting a buying opportunity for the stock.”
In reaction to this news, more than 9 million shares of GERN stock have changed hands as of this writing. That’s already well above its daily average trading volume of about 5.3 million shares. With that movement comes a slight increase in price as of Tuesday morning.
Investors that are looking for even more of the most recent stock market news will want to stick around!
We’ve got all of the biggest stock market stories that traders need to know about on Tuesday! A few examples include a downgrade for Enphase Energy (NASDAQ:ENPH) stock, a Taiwan Semiconductor (NYSE:TSM) investment and stock market catalysts to watch this week. All of that news is available at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.