Abeona Therapeutics (NASDAQ:ABEO) Stock Price Crosses Above 50 Day Moving Average – Here’s Why

Abeona Therapeutics Inc. (NASDAQ:ABEO)’s share price crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $4.90 and traded as high as $4.98. Abeona Therapeutics shares last traded at $4.87, with a volume of 626,825 shares.

Analysts Set New Price Targets

ABEO has been the topic of several research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $20.00 price objective on shares of Abeona Therapeutics in a research note on Thursday, March 19th. Oppenheimer reaffirmed an “outperform” rating on shares of Abeona Therapeutics in a research note on Monday, March 9th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Abeona Therapeutics in a research note on Wednesday, January 21st. Finally, Stifel Nicolaus set a $17.00 price objective on shares of Abeona Therapeutics in a research note on Tuesday, March 17th. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Abeona Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Abeona Therapeutics Price Performance

The stock’s 50-day moving average price is $4.90 and its 200-day moving average price is $5.03. The company has a market capitalization of $277.83 million, a price-to-earnings ratio of 4.73 and a beta of 1.22. The company has a quick ratio of 6.74, a current ratio of 6.93 and a debt-to-equity ratio of 0.05.

Abeona Therapeutics (NASDAQ:ABEO) last announced its earnings results on Tuesday, March 17th. The biopharmaceutical company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.01. The company had revenue of $3.00 million for the quarter, compared to analyst estimates of $5.65 million. Equities research analysts anticipate that Abeona Therapeutics Inc. will post -1.16 earnings per share for the current year.

Insider Activity at Abeona Therapeutics

In other news, CEO Vishwas Seshadri sold 69,832 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $5.33, for a total transaction of $372,204.56. Following the transaction, the chief executive officer directly owned 1,460,408 shares in the company, valued at approximately $7,783,974.64. This represents a 4.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Joseph Walter Vazzano sold 18,666 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $5.33, for a total transaction of $99,489.78. Following the transaction, the chief financial officer owned 568,560 shares in the company, valued at $3,030,424.80. The trade was a 3.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 184,605 shares of company stock valued at $968,550 in the last three months. 6.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Abeona Therapeutics

Large investors have recently bought and sold shares of the business. Legal & General Group Plc acquired a new position in Abeona Therapeutics in the second quarter valued at approximately $27,000. Russell Investments Group Ltd. acquired a new position in Abeona Therapeutics in the third quarter valued at approximately $37,000. Truvestments Capital LLC lifted its holdings in Abeona Therapeutics by 191.4% in the fourth quarter. Truvestments Capital LLC now owns 10,307 shares of the biopharmaceutical company’s stock valued at $54,000 after buying an additional 6,770 shares during the period. SG Americas Securities LLC acquired a new position in Abeona Therapeutics in the fourth quarter valued at approximately $57,000. Finally, Legato Capital Management LLC acquired a new position in Abeona Therapeutics in the third quarter valued at approximately $57,000. 80.56% of the stock is currently owned by institutional investors and hedge funds.

About Abeona Therapeutics

Abeona Therapeutics is a clinical‐stage biopharmaceutical company focused on the development and commercialization of gene and cell therapies for severe, life‐threatening rare diseases and oncology indications. Founded in 2014 and headquartered in Cleveland, Ohio, Abeona leverages proprietary viral and non‐viral delivery platforms to correct or compensate for underlying genetic deficiencies. The company’s research efforts target pediatric neurodegenerative disorders as well as debilitating dermatologic conditions with high unmet medical need.

The company’s lead clinical programs include separate AAV‐based gene therapies for CLN1 and CLN3 forms of neuronal ceroid lipofuscinosis, alongside an ex vivo autologous cell therapy for recessive dystrophic epidermolysis bullosa.