Geron: Where Did The Shares Go?

17-02-2014 Seeking AlphaComments (0)

Geron CorpimetelstatPharmaceutical

This is a question relating to Geron (GERN) that was begging to be answered since November 7, 2013. After all, the volume recorded on that day was more than 10-fold the average volume of shares, with almost half of that the next day.

We have discussed in previous articles the history of the company and the unique potential of Imetelstat, Geron's "only" remaining product. We have further covered in a separate article a very conservative valuation model of the company, which indicated that, if Imetelstat is approved, the company is truly undervalued. This was somewhat proven by the successful and mind-boggling launch of a secondary offering, where the company effectively grew its market capitalization by 50% in one day, and yet the market "loved" this most-feared small company act of dilution.

Answering the question of how Geron's ownership changed since that first hint of a tangible

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