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Geron Shares Move Higher Despite Lack of News Friday March 28, 5:11 pm ET By Cynthia Schreiber NEW YORK -- Shares of Geron Corp. shares surged as much as 35% in heavy trading amid a dearth of news to account for the stock`s advance. Chief Financial Officer David Greenwood said there were no corporate developments or other news that would account for the stock`s rise. ADVERTISEMENT No analysts follow the Menlo Park, Calif., biotechnology company, and traders of the stock and analysts of competing companies also were unable to provide any reason for the stock`s movement. At 4 p.m. EST on the Nasdaq Stock Market (News - Websites), shares of Geron were up 69 cents, or 19%, at $4.35 on volume of 3.8 million shares, six times the daily average. Block volume, typically an indication of institutional activity, was 226,000 shares, compared with the daily average of 23,024. In the month leading up to March 14, short interest in the Geron shares surged 89% to 1.7 million shares. The company has about 24.9 million shares outstanding. The stock gained as much as 15% Monday after Infigen Inc. of DeForest, Wis., received an unfavorable ruling in its fight with Advanced Cell Technology of Worcester, Mass., over cloning patents. Geron, Advanced Cell and Infigen have been locked in a three-way battle over the rights to the technology that created Dolly the cloned sheep. Infigen is using the same claims it used against Advanced Cell in its suit against Geron, so Infigen`s unfavorable ruling was seen as having a positive implication for Geron. Besides its cloning technology, Geron has a dominant patent in the technology that inhibits telomerase, an enzyme that occurs in cancer cells. By targeting telomerase, the company hopes to kill cancer cells. |
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| aus der Diskussion: | Geron mit Hammernews!! |
| Autor (Datum des Eintrages): | meislo (29.03.03 09:03:24) |
| Beitrag: | 38 von 3,090 (ID:9024558) |
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