Geron Corp. (GERN) said this morning that it has started a clinical trial on its embryonic stem cell therapy aimed at spinal cord injuries. According to the co. the focus of the trial is to test safety and tolerability, not effectiveness. Geron also said that the initial test patient is enrolled at Sheperd center in Atlanta, Georgia, which is one of seven potential sites for the trial in the U.S. Geron claims this is the first such trial in humans.
From e technical perspective approximately 1.9 million shares of Geron — whose ticker is testing support at 10-week and 20-week moving averages, $5.40 ; $5.32, respectively — have traded hands today vs. average 3-month volume of 1.1 million shares. Short interest accounts for a healthy 13.26% of the equity’s 99.50 million float.
GERN now seems poised to test the next resistance level located at the $6.00 area.
Shares of Geron gained 34 cents, or 6.57 percent, to $5.67 at 12:37 p.m. ET in Nasdaq composite trading. The stock had traded as high as $7.18 and as low as $4.37 per share this year.