Bank of America Corp DE Purchases New Stake in Geron Corporation $GERN

Key Points

• Bank of America purchased 3.53 million Geron shares in the second quarter, valued at approximately $4.52 million and representing a 0.55% stake.
• Institutional ownership remains substantial at 73.71%, with BlackRock acquiring a new $62.9 million position and several other investment firms increasing their holdings.
• Geron has a consensus “Hold” rating and a $4.00 price target, while its latest quarterly results missed the EPS estimate despite revenue exceeding expectations; the stock recently opened at $1.25.

Bank of America Corp DE purchased a new stake in Geron Corporation (NASDAQ:GERN - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,534,234 shares of the biopharmaceutical company's stock, valued at approximately $4,524,000. Bank of America Corp DE owned 0.55% of Geron as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Geron during the second quarter valued at $62,868,000. Eversept Partners LP boosted its stake in shares of Geron by 6.7% during the first quarter. Eversept Partners LP now owns 18,834,883 shares of the biopharmaceutical company's stock valued at $28,064,000 after purchasing an additional 1,174,900 shares in the last quarter. Pale Fire Capital SE increased its holdings in Geron by 2.1% during the first quarter. Pale Fire Capital SE now owns 4,888,304 shares of the biopharmaceutical company's stock valued at $7,284,000 after buying an additional 99,710 shares during the period. Candriam S.C.A. raised its stake in Geron by 38.1% in the first quarter. Candriam S.C.A. now owns 3,921,476 shares of the biopharmaceutical company's stock worth $5,843,000 after buying an additional 1,081,992 shares in the last quarter. Finally, Deutsche Bank AG bought a new position in Geron in the second quarter worth approximately $4,403,000. Institutional investors own 73.71% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded Geron from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Geron currently has an average rating of "Hold" and a consensus price target of $4.00.

Geron Stock Down 0.8%

Geron stock opened at $1.25 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 6.91 and a quick ratio of 5.16. The stock has a market capitalization of $803.09 million, a price-to-earnings ratio of -11.36 and a beta of 0.61. The business has a fifty day moving average price of $1.44 and a 200-day moving average price of $1.43. Geron Corporation has a 1-year low of $1.04 and a 1-year high of $2.01.

Geron (NASDAQ:GERN - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The company had revenue of $57.48 million during the quarter, compared to analysts' expectations of $55.30 million. Geron had a negative net margin of 34.17% and a negative return on equity of 24.48%. Equities research analysts forecast that Geron Corporation will post -0.04 EPS for the current fiscal year.

Geron Profile

Geron Corporation is a biopharmaceutical company focused on developing and commercializing treatments for myeloid hematologic malignancies, including certain bone marrow cancers. The company's approach centers on imetelstat, a telomerase inhibitor designed to target malignant stem and progenitor cells.

Geron's lead product, Rytelo (imetelstat), is approved in the United States for adults with lower-risk myelodysplastic syndromes who have transfusion-dependent anemia requiring or having failed treatment with erythropoiesis-stimulating agents.

Want to see what other hedge funds are holding GERN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Geron Corporation (NASDAQ:GERN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.