My guess is GERON and JnJ were in talks for the last few weeks.
Volume and price moved up on the idea JnJ would continue with GERON, maybe even try to buy the company for a cheap price, ie: $7.00.
GERON said no we want $25-30, as talks began to stall people in the know went short.
I was lucky enough to add to my position at $1.55.
In actuality nothing has changed, my guess is we hear positive results from the trails in the EU.