Biotech company Geron (NASDAQ: GERN ) has been plagued with problems lately. The company stopped its stem cell program last year in favor of developing cancer drugs. Recently, however, the company changed its strategy again; this time it canceled the development of cancer drug GRN1005 and has decided to focus entirely on the development of imetelstat -- which is now the only clinical candidate Geron has. Investors are wondering whether the company's new direction will work out.
Today, however, may have given investors some hope. Shares of this biotech jumped 16% after the company reported positive results from an imetelstat study at the American Society of Hematology meeting. Health care analyst Max Macaluso breaks down this news in the following video.
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