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BOSTON (MarketWatch) -- Geron Corp. shares rallied early Friday on news that the U.S. Food and Drug Administration is allowing the company to proceed with the world's first clinical study to test an embryonic stem cell therapy on humans. Geron will be testing to see if its stem cell therapy can improve the function of patients with acute spinal cord injuries. Geron shares were up 14% at $5.47. Meanwhile, the sector's two leading indices moved notably lower, echoing the broader market. The NYSE Arca Pharmaceutical Index declined 0.7% to 278.62 and the NYSE Arca Biotechnology Index fell 1% to 1039.49.