Gilead's offer to buy YMI for $2.95 per share in cash is an excellent base comparison to geron's value. YMI's book value is $0.75/share while GERN's book value is $0.76/share. these two biotech companies are focused on blood cancers. each has a viable product that will undergo stage III studies in the coming year.
but there is a fundamental difference in the drug inhibitors each is developing, and for geron this difference supports a higher purchase price per share, so the minimum acceptable aquisition price for geron is at leas $3/share.