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A surefire way to ensure some measure of public enmity is make a public recommendation to short a stem-cell stock. That's what I did on Jan. 26, when I added Geron(GERN Quote - Cramer on GERN - Stock Picks) as a short to the model portfolio I manage as part of TheStreet.com's Biotech Select investment newsletter.
As I told my subscribers at that time, I'm not against stem-cell medicine, and I certainly hope one day that the field provides medical breakthroughs. I simply don't believe Geron is going to be the company to deliver on the promise of stem cells, based on its ignominious track record of drug development so far.
In fact, the only thing Geron has done exceedingly well in its 13 years as a public company is surf the waves of stem-cell hype and use that momentum to raise lots of money.
Geron reverted to this well-worn tactic again Thursday night, when it quickly sold 7.25 million shares at a price of $6.60, a 14% discount to the stock's Thursday closing price of $7.77. The spot-financing deal...
As I told my subscribers at that time, I'm not against stem-cell medicine, and I certainly hope one day that the field provides medical breakthroughs. I simply don't believe Geron is going to be the company to deliver on the promise of stem cells, based on its ignominious track record of drug development so far.
In fact, the only thing Geron has done exceedingly well in its 13 years as a public company is surf the waves of stem-cell hype and use that momentum to raise lots of money.
Geron reverted to this well-worn tactic again Thursday night, when it quickly sold 7.25 million shares at a price of $6.60, a 14% discount to the stock's Thursday closing price of $7.77. The spot-financing deal...