Aug. 16 (Bloomberg) -- Geron Corp., a Menlo Park, California-based biotechnology company, gained the most in almost eight months on optimism about the company’s cancer drugs under development.
Geron rose 19 percent to $2.03 at the close of New York trading, its biggest one-day advance since Jan. 26. The shares have declined 23 percent over the last 12 months.
Geron has two treatments in the second of three stages of human testing generally needed for U.S. regulatory approval. Imetelstat is being tested for breast cancer and multiple myeloma, and GRN1005 is being tested for brain tumors that develop from breast and lung cancer.
“The six phase II oncology trials are far and away the more important near-term catalysts for the shares,” Robert Lawton, managing partner at Catoosa Fund LP in Los Angeles, said in an e-mail. “We are long the shares.”
The drugs under development were touted earlier on website Seeking Alpha, which carried a report credited to Helix Investment Management.
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