Unusual Options Activity Tue 3/12/24

The following options are exhibiting notable trading, potentially indicating changing sentiment toward the underlying stocks, and/or potentially representing positioning for increased volatility.

Bullish Call Activity:

• GERN March 4 Calls (volume: 4279, open int: 86, implied vol: ~580%, prev day implied vol: 513%). Underlying stock is down 21% in today's session. Co is expected to report earnings early May.
• BEKE March 16 Calls are seeing interest with the underlying stock up 11% (volume: 1388, open int: , implied vol: ~110%, prev day implied vol: 96%). Co reports earnings March 14 before market.

Bearish Put Activity:

• QRTEA April 2 Puts are seeing interest with the underlying stock down 5% (volume: 1736, open int: 0, implied vol: ~185%, prev day implied vol: 111%).
• EDR May 21 Puts (volume: 10000, open int: 0, implied vol: ~46%, prev day implied vol: 39%). Co is expected to report earnings early May.

Sentiment: The CBOE Put/Call ratio is currently: 1.03, VIX: (14.06, -1.16, -7.62%).
March 15 is options expiration -- the last day to trade March equity options.

=Geron (GERN) : discontinuation of Imetelstat collaboration by Janssen (JNJ)

Geron announces discontinuation of Imetelstat collaboration by Janssen (JNJ)

• Janssen Biotech, Inc. (Janssen) announced today its decision not to continue the collaboration and license agreement with Geron Corporation for imetelstat. The decision not to continue the collaboration is the result of a strategic portfolio evaluation and prioritization of assets within the robust Janssen portfolio. Janssen will work with Geron to transition the imetelstat program back to the company. Patients currently enrolled in the ongoing imetelstat clinical trials will continue to be supported through the respective trial protocols, including treatment and follow-up.
• Patients currently enrolled in the ongoing imetelstat clinical trials in myelofibrosis (IMbark) and myelodysplastic syndromes (IMerge) will continue to be supported through the respective trial protocols, including treatment and follow-up.

As a result of the termination of the CLA and Geron's decision to continue the development of imetelstat independently, the Company has revised its financial projections and now anticipates 2018 operating expenses to be approximately $37 million (previously $30 million). The Company expects its operating expenses to increase as it hires additional personnel and external service providers to support the development of imetelstat. As of August 31, 2018, the Company had approximately $183 million in cash and marketable securities which is expected to be sufficient to support its plans to initiate the Phase 3 portion of IMerge in 2019.

=Geron (GERN) : files $250 mln mixed securities shelf offering