The iShares NASDAQ Biotechnology Index (ETF) (IBB) is now close to $300. If IBB hits $300, it would be the first time since January this year that the fund has reached this key psychological level. IBB has had an excellent run over the last one month, gaining more than 13%. While there are concerns that the sector is now overvalued, there are still some opportunities. Geron Corporation (GERN) is one such stock. Despite the rally in the broader sector, GERN remains undervalued.