Abeona Therapeutics (ABEO) Received its Third Buy in a Row


After H.C. Wainwright and Cantor Fitzgerald gave Abeona Therapeutics (NASDAQ: ABEO) a Buy rating last month, the company received another Buy, this time from Maxim Group. Analyst Jason McCarthy maintained a Buy rating on Abeona Therapeutics today and set a price target of $26. The company’s shares closed yesterday at $7.94, close to its 52-week low of $6.26.

McCarthy commented:

“Abeona reported 4Q18 and FY18 with a net loss of ($17.5M) and ($56.7M), respectively. The company ended the period with ~$85M in cash on the balance sheet, which should provide runway into 2020. FY18 R&D expenses increased to $38.6M, from $17.0M in FY17, due to increase spend in GMP manufacturing facilities in Cleveland. The facilities will undergo CMC review in 1H19, and scaled-up product, enough for 120 patients per year, should be available in 2H19.”

According to TipRanks.com, McCarthy is a 1-star analyst with an average return of -0.7% and a 37.0% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as ContraVir Pharmaceuticals Inc, Actinium Pharmaceuticals, and Inovio Pharmaceuticals.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Abeona Therapeutics with a $25.50 average price target, implying a 221.2% upside from current levels. In a report released yesterday, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $29 price target.

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The company has a one-year high of $22 and a one-year low of $6.26. Currently, Abeona Therapeutics has an average volume of 463.6K.

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Abeona Therapeutics, Inc. is a clinical stage biopharmaceutical company, which engages in the development of gene therapy for severe and life threatening rare diseases. It programs include EB-101 (gene-corrected skin grafts) for recessive dystrophic epidermolysis bullosa (RDEB); ABO-102 (AAV-SGSH), an adeno-associated virus (AAV) based gene therapy for Sanfilippo syndrome type A (MPS IIIA) and ABO-101 (AAV NAGLU), an AAV based gene therapy for Sanfilippo syndrome type B (MPS IIIB). The company was founded in 1974 and is headquartered in Dallas, TX.

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