Abeona Therapeutics Inc. (ABEO) Sees Unusually-High Trading Volume After Analyst Upgrade
Shares of Abeona Therapeutics Inc. (NASDAQ:ABEO) saw an uptick in trading volume on Wednesday after Maxim Group raised their price target on the stock to $8.00. 693,645 shares were traded during mid-day trading, an increase of 221% from the previous session’s volume of 216,338 shares.The stock last traded at $6.50 and had previously closed at $5.78.
ABEO has been the topic of several other reports. Zacks Investment Research cut Abeona Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, August 22nd. FBR & Co reissued a “buy” rating and issued a $15.00 target price on shares of Abeona Therapeutics in a research note on Friday, August 26th. Cantor Fitzgerald began coverage on Abeona Therapeutics in a research note on Wednesday, September 7th. They issued a “buy” rating and a $21.00 target price on the stock. Finally, Rodman & Renshaw reissued a “buy” rating and issued a $17.00 target price on shares of Abeona Therapeutics in a research note on Sunday, August 21st. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Abeona Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $12.80.
A number of hedge funds have recently modified their holdings of the company. Sabby Management LLC raised its stake in shares of Abeona Therapeutics by 11.4% in the first quarter. Sabby Management LLC now owns 334,108 shares of the biopharmaceutical company’s stock valued at $855,000 after buying an additional 34,108 shares during the period. Geode Capital Management LLC raised its stake in shares of Abeona Therapeutics by 16.7% in the first quarter. Geode Capital Management LLC now owns 70,496 shares of the biopharmaceutical company’s stock valued at $180,000 after buying an additional 10,082 shares during the period. Royce & Associates LP raised its stake in shares of Abeona Therapeutics by 25.6% in the first quarter. Royce & Associates LP now owns 376,321 shares of the biopharmaceutical company’s stock valued at $963,000 after buying an additional 76,678 shares during the period. Finally, BlackRock Fund Advisors raised its stake in shares of Abeona Therapeutics by 8.5% in the first quarter. BlackRock Fund Advisors now owns 302,262 shares of the biopharmaceutical company’s stock valued at $774,000 after buying an additional 23,734 shares during the period. Institutional investors and hedge funds own 19.95% of the company’s stock.
The company has a 50 day moving average of $4.38 and a 200 day moving average of $3.11. The company’s market capitalization is $220.39 million.
Abeona Therapeutics (NASDAQ:ABEO) last issued its quarterly earnings results on Tuesday, August 16th. The biopharmaceutical company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.14) by $0.06. Abeona Therapeutics had a negative net margin of 2,177.03% and a negative return on equity of 30.84%. Equities research analysts anticipate that Abeona Therapeutics Inc. will post ($0.73) EPS for the current fiscal year.
About Abeona Therapeutics
Abeona Therapeutics, Inc (Abeona), formerly PlasmaTech Biopharmaceuticals, Inc, is focused on developing and delivering gene therapy and plasma-based products for rare diseases. The Company’s lead programs are ABO-101 (AA9 NAGLU) and ABO-102 (scAAV9 SGHG), adeno-associated virus (AAV)-based gene therapies for Sanfilippo syndrome (Mucopolysaccharidosis (MPS) IIIA and IIIB) in collaboration with patient advocate groups, researchers and clinicians.
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