Geron downgraded to Neutral from Outperform at Baird

Baird downgraded Geron to Neutral from Outperform with an unchanged price target of $4.50. After the stock’s recent run-up, the firm sees Geron’s risk/reward as balanced. The analyst continues to believe that imetelstat has nearly a 100% probability of approval into the June 16 FDA action date. However, this is now already priced into the stock, the analyst tells investors in a research note. Baird thinks Geron is unlikely to trade much higher from here over the coming months unless the company is acquired, and it is “unable to get high conviction in this happening.”