In a report released today, Jason McCarthy from Maxim Group maintained a Buy rating on Abeona Therapeutics (NASDAQ: ABEO), with a price target of $35. The company’s shares opened today at $14.30.
McCarthy noted:
“Abeona reported 2Q18 with a net loss of $11.7M. The company ended the period with $120M in cash on the balance sheet and with a current burn rate of $11-12M per quarter has sufficient runway into 2020. We expect multiple data points (catalysts) across the company’s gene therapy platform (Sanfilippo into 2019.”
According to TipRanks.com, McCarthy is a 5-star analyst with an average return of 13.9% and a 43.8% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, ContraVir Pharmaceuticals Inc, and Sonoma Pharmaceuticals Inc.
Currently, the analyst consensus on Abeona Therapeutics is a Strong Buy with an average price target of $29.57, which is a 106.8% upside from current levels. In a report issued on July 27, H.C. Wainwright also reiterated a Buy rating on the stock with a $30 price target.
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The company has a one-year high of $22.75 and a one-year low of $7.01. Currently, Abeona Therapeutics has an average volume of 844.2K.
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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.
