Why Geron's Shares Rose 23.4% on Wednesday
Clinical-stage biopharmaceutical company Geron (NASDAQ: GERN) saw its shares jump 23.4% on Wednesday. The stock, which had closed at $1.28 a share on Tuesday, opened at $1.24 on Wednesday and rose to $1.60 a share in the mid-afternoon. Geron was last this high on Nov. 15, and it has a 52-week low of $0.99 and a 52-week high of $2.23.
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The stock jumped on the type of news that ordinarily might make it fall -- the company announced it was making a public offering of common stock to raise money. In pre-market trading, the stock did trend lower, but ultimately, the reason investors jumped in lies in why Geron said it was raising money: to fund regulatory filings for its lead therapy, imetelstat.
Source Fool.com
