Geron gets permanent J-code for Rytelo from CMS, says Goldman Sachs

Goldman Sachs notes that CMS has established the Healthcare Common Procedure Coding System, or HCPCS, Level II code of J0870 for Rytelo, so injections of 1mg will be billable through this J-code beginning January 1, 2025, in line with prior management communication from Geron. The firm, which is “encouraged by the update,” which is says reflects Geron’s continued commercial execution on the launch, expects the J-code to support adoption by physicians practicing within small community hospitals and private practice, who would otherwise struggle with reimbursement. The firm maintains a Buy rating with a 12-month price target of $6 on Geron shares.